KAMOTHO WAIGANJO (SUING AS THE LIQUIDATOR/TRUSTEE OF DAWA PHARMACEUTICALS STAFF RETIREMENT BENEFITS SCHEME (IN LIQUIDATION) V. DAWA PHARMACEUTICALS LTD (IN RECEIVERSHIP) & ENGINEER GAKURU KANYANJA ENGINEER GEORGE NYAGISERE (BOTH APPLYING AS JOINT RECEIVER€“MANAGERS OF DAWA PHARMACEUTICALS LTD (IN RECEIVERSHIP)

JUDGMENT OF THE COURT

By four debentures Dawa Pharmaceuticals Limited, the 1^st respondent charged to Industrial and Commercial Development Corporation Limited (ICDC), Industrial Development Bank Limited (IDBL) and National Bank of Kenya Limited (NBK), all its undertaking, goodwill, property and assets, both present and future, including its uncalled capital. Specifically the debenture dated 11^th December, 1989 was expressly stated to be a first charge on all the property and assets of the 1^st respondent and to constitute a fixed charge on all immovable property of the 1^st respondent and a floating charge on all other property and assets. It was further stated that by that debenture the 1^st respondent would have no power to dispose of any of its charged property or assets without first obtaining the consent of the ICDC. By two further supplemental debentures, the 1^st respondent declared that its property and assets comprised in those debentures would be security for the payment of all m…