The Commercial Division of the High Court has ordered the winding up of Jomayi Property Consultants Limited over its failure to pay its debt owed to NC Bank.
The order to wind up comes after NC Bank failed to recover Shs868,250,000 from Jomayi and petitioned the court to declare the company insolvent and unable to pay its debts.
Through their lawyers of AF Mpanga Advocates, NC Bank had on 4th March 2020 petitioned the High Court, saying Jomayi failed to pay the money despite a consent judgment dated 11th September 2019.
This could mark the sad ending of one of the biggest real estate companies in Uganda that has issued over 50,000 mailo land titles to customers and sold over 30,000 plots.
It isn’t the first time Jomayi Property Consults has been embroiled in legal woes. In 2016, several assets belonging to Jomayi Property Consultants, including the company’s office building in Old Kampala, a stone quarry in Bulingombe, Mukono District and a piece of land in Nalumunye, Wakiso District, were put on sale over failure to pay debts amounting to more than Shs1.5b the company acquired from Centenary Bank Limited.
The company is owned by Joseph Magandaazi Yiga, a businessman and entrepreneur who is the managing director and chief executive officer.
On its website, Jomayi Property Consultants noted that it has been in real estate business for 17 years with the company’s area of land development covering a 30Km radius around Kampala city in central region