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Pastor Oyakhilome’s Christ Embassy declared bankrupt by UK authorities

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Pastor Oyakhilome’s Christ Embassy declared bankrupt by UK authorities

The Charity Commission, the agency that regulates charity organizations in the UK has declared Christ Embassy church based in the United Kingdom and owned by Pastor Chris Oyakhilome bankrupt!

Reports emanating from the UK reveals that Christ Embassy was flagged on the Charity Commission website as “charity insolvent” and according to the commission, a charity is considered as being insolvent when it is “unable to pay its debts.”

Throwing more light on the development the Commission in a message on its website said; “In practice there are two separate tests for insolvency and failure of either might be an indication of insolvency: The charity cannot pay its debts as they fall due for payment; the value of its liabilities exceeds its assets.

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“Charities will be flagged as insolvent on our register when we are made aware of an insolvency situation and we are provided with verification from a qualified, independent insolvency practitioner.”

Report says the ministry’s annual return for the years 2013 to 2014 indicated that a total of N7.6 billion (£15.1million) was paid to the interim manager. The church still has an outstanding fee of N1.1 billion (£2215,914) to pay the interim manager in 2015.

The ministry also admitted in its belated 2015 financial Statement (the church’s last annual return, which it published in 2017) that its subsidiary, Christ Embassy Limited, valued with a net asset of more than N1 billion (£2 million) entered into liquidation from November 1, 2016.

 

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