Kigali Heights Development Company Ltd has been placed into insolvency liquidation after selling its main and only property, the Kigali Heights commercial complex.

The company is now being wound up, with a liquidator appointed to deal with any remaining assets, debts and other obligations before the company is formally closed.

Insolvency liquidation is a legal process through which a company’s affairs are brought to an end. It involves identifying what the company still owns and what it owes, dealing with claims from creditors and distributing any available assets in accordance with the law.

In this case, however, the company’s main asset had already been sold.

Kigali Heights Development Company owned the Kigali Heights complex, which was acquired by Yyussa Company in a transaction that developers said was worth $31.8 million. The sale was announced in October 2024.

A liquidator, Isaac Bizumuremyi, who has been appointed to manage the process, told The New Times that Kigali Heights was the only property owned by Kigali Heights Development Company Ltd.

"Since it was the only property owned by Kigali Heights Development Company Ltd, the shareholders decided to close it down,” he said.

"The company is now entering a phase of clearing any outstanding debt obligations,” he added.

"Those owed money might include banks, suppliers, employees and others. Anyone with a claim has until October 10 to inform the liquidator."

Under the insolvency law, a liquidator is an insolvency practitioner appointed to oversee the liquidation of a company. The law provides for liquidation of companies and sets out the liquidator’s responsibilities, including preparing reports and dealing with the company’s affairs during the process.

The liquidation process therefore concerns the company that owned the Kigali Heights property, rather than the Kigali Heights building itself.

The commercial complex was completed in 2016 and opened for trading in December that year. At the time of its sale, it housed retailers, restaurants and other commercial tenants near the Kigali Convention Centre.

The building is now owned by Yyussa Company.