LIQUIDATION PLAN

Certified Company Information:

Crystal cane sugar 00897
Name of CDC: Code#
Mumias, Kenya
Address of CDC:
Daniel Moiben
Liquidation Officer:
Crystalcane@yahoo.com
E-mail Address:
0733333333 1887
Telephone: Fax:
non
Potential Conflicts of Interest:

Creditors Information:
1.Alliance Bank
Names: 2.Biden chemical manufacturing company
3.Mocheche Farmers’ cooperative
1.Nairobi
Addresses: 2.Nairobi Kenya 625,00100
3.Busia , 45045,003400
Liquidation Officer:
E-mail Address:
Telephone: Fax:
Current Payoff of Loan: Amount Past Due: KSH 6,000,000
 DETAILS OF LIQUIDATION PLAN
Responses are required on all items listed below.
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1. Justification for transfer to “liquidation” status (check one or more):

Non-Payment Business Closed Bankruptcy TPL Foreclosure
Other Litigation Other (explain below)
.

2. Comments:
Cause of business breakdown & workout attempts:
The company was declared insolvent since it could not meet its financial obligations as far as
Latest Field Visit Date: 17/11/2023
liabilities are concerned. The creditors meeting raised a call on liquidation due to delayed
payment.

3. List name, address, telephone numbers, SSN/TIN for all obligors and guarantors:

Comments: The business came about to its knees after having more liabilities than assets, it is
evidence that the business could not make profit even after financing from the Alliance bank and
other creditors respectively. The failure to pay employees for nearly two months worsened the
company’s position.
 LIQUIDATION RECOVERY ANALYSIS
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Describe Collateral in Space Below:

Fill in actual or estimated expenses as applicable:

R/E M&E/F&F OTHER TOTAL
Appraised Value -- Date:
Liquidation Value
(75% Comm. RE / 80% Residential RE/50% M&E)

Less Senior Liens

Creditors 6,000,000
Real Estate Taxes 400,000
Personal Property Taxes 350,000
Other 450,000

Net Equity 165,145,000

Estimated Liquidation Expenses

Appraisal
Environmental Reports NA
Selling/Holding Costs (10% of Liq. Value)
Attorney Fees/Litigation Expense NA - - 0
Other
Estimated Recovery from Collateral
Estimated SBA Principal Balance
Estimated Net Loss

Other Collateral Issues

Is casualty insurance policy still in force? No

Is life insurance policy still in force No

 FINAL ACTION

The CDC’s recommended liquidation plan is hereby:

Approved x
Declined
Approved with the following modifications (see comment
cial
ist
Re Counsel Comments:
The liquidation process had been overwhelmingly approved by both shareholders and creditors in two
different meetings both expressly and impliedly.

Date:

Su