Submission of bids for purchase of assets of defunct Microfinance, S&L firms extended

The Receiver of the 347 insolvent Microfinance Companies and 23 Savings and Loans Companies and Finance House Companies, Eric Nana Nipah, has extended the deadline for the submission of bids to purchase the assets of the dissolved companies by two more weeks.

The initial deadline was Monday, 27 July 2020, but has been extended to Friday, August 14, 2020.

This was announced by the Receiver Eric Nana Nipah in a statement,

He noted that “a key component of the Receiver’s mandate is to secure all assets of the resolved companies and maximise their realisations for the benefit of creditors.”

“Accordingly, in my press statement of 9 July 2020, I informed the general public of my intention to commence the second round of the sale of the assets of the resolved companies and requested prospective buyers to submit bids for evaluation on or before 27 July 2020. In response to the numerous requests for an extension of the deadline to enable prospective bidders appropriately respond to bidding requirements, I wish to inform the general public that I have extended the deadline for the submission of bids to purchase the assets of the resolved companies by a further two weeks from the initial deadline of 27 July 2020 to close of business on Friday, 14 August 2020,” the Receiver added in the statement.

The statement further noted that, due to the current Coronavirus (COVID-19) pandemic, all interested bidders are required to visit the Receiver’s website to view pictures and other details of these assets on offer for sale using the following link

“Please note that the pictures are grouped according to the current location of the assets, i.e. Kumasi, Takoradi and Accra,” it also said.

The Receiver further noted that “prospective buyers should submit their bids in a signed and dated formal letter, scanned and attached in an email addressed to any of the following email addresses, clearly indicating the item(s) of asset(s) they are interested in and the bid amount for each asset: or”

The statement also clarified the modalities of this exercise and urged interested bidders to do so before the 14th August deadline.

“Please note that all bids which fall short of the above requirement will be rejected. All bids are to be submitted on or before close of business on Friday, 14 August 2020.” it added.

Please click here for the full statement: