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Liquidation or Winding Up re: Approach, Confirmation or Discharge of Provisional Order & Rescission of a Liquidation Order

HH195-12 : WFD NETWORK (PRIVATE) LIMITED vs J.W. JAGGER WHOLESALERS (PRIVATE) LIMITED
Ruled By: CHIWESHE JP

The applicant seeks the winding up of the respondent on the basis that it is deemed to be unable to pay its debts by virtue of section 205(a) of the Companies Act [Chapter 24:03]...demand for payment was made on...and served on the respondent's managing director at the respondent's registered address...the respondent agreed that it owed ...
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HH195-12 : WFD NETWORK (PRIVATE) LIMITED vs J.W. JAGGER WHOLESALERS (PRIVATE) LIMITED
Ruled By: CHIWESHE JP

The issues to be decided in applications of this nature are aptly summed up in...It reads:- "The primary question which a court is called upon to answer in deciding whether or not a company carrying on business should be wound up because it is commercially insolvent is whether or not it has liquid or readily ...
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HH195-12 : WFD NETWORK (PRIVATE) LIMITED vs J.W. JAGGER WHOLESALERS (PRIVATE) LIMITED
Ruled By: CHIWESHE JP

The court has an inherent discretion to refuse to order liquidation, notwithstanding the proven existence of grounds for liquidation. This discretion derives from two sources. Firstly, section 206 of the Companies Act [Chapter 24:03] gives the court the discretion in this regard by the use of the word "may". Secondly, the court has a discretion ...
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HH195-12 : WFD NETWORK (PRIVATE) LIMITED vs J.W. JAGGER WHOLESALERS (PRIVATE) LIMITED
Ruled By: CHIWESHE JP

The respondent...has shown, on a balance of probabilities, that it has assets whose combined value exceeds the debt complained of...a bond of security has been issued in favour of the applicant to secure this very debt by way of title deeds. The respondent has also secured a bank guarantee to meet part of its ...
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HH04-08 : CECIL MADONDO (In his capacity as the duly appointed Liquidator of Century Discount House Ltd) vs ZIMBABWE BANKING CORPORATION
Ruled By: GARWE JP

Zimbank had for some time been granting CDH overnight accommodation. It is not in dispute that this is an arrangement commonly used in the market between individual banks and the Reserve Bank of Zimbabwe in terms of which the bank requesting the facility is credited overnight with the agreed amount of the facility and the ...
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View Appeal
HH65-10 : RIO TINTO (AFRICA) PENSION FUND vs AFARAS M. GWARADZIMBA (in his capacity as Liquidator of Sagit Stockbrokers PL) AND AFARAS M. GWARADZIMBA (in his personal capacity)
Ruled By: MTSHIYA J

In or about 1992, the Trustees of the applicant decided to employ Sagit Stockbrokers to manage its share portfolio...,. Some of the shares were registered in the applicant's name and others in the name of Sagit's nominee company called Trust Nominees. The mandate given by the applicant to Sagit was to manage the applicant's portfolio ...
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HH278-10 : RADIATOR AND TINNING (PVT) LTD vs RADIATOR AND TINNING (PVT) LTD WORKERS COMMITTEE and WALTER DUBE and LITOS CHIKWANDA and OTHERS
Ruled By: MTSHIYA J

In making submissions on the points in limine, counsel for the respondents pointed out that in view of the fact that this was a voluntary winding up of the applicant (company), the procedure adopted was flawed. He said in terms of the law, and since this was a voluntary winding up, the employees (herein represented ...
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HB74-10 : REBECCA SIZIBA vs BAMSLOVE INVESTMENTS (PVT) LTD and MARTIN SIMMONS and REGISTRAR OF COMPANIES
Ruled By: MATHONSI J

This matter came on a certificate of urgency with the applicant seeking a provisional liquidation order of the first respondent setting out an array of reasons why this should be done. The grounds for seeking a winding up order, as can be gleaned from the founding affidavit, are that:- (a) The shareholders are not on talking ...
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HH104-13 : BOKA INVESTMENTS (PRIVATE) LIMITED vs THIRDLINE TRADING (PRIVATE) LIMITED and ONCLASS INVESTMENTS (PRIVATE) LIMITED and MASTER OF THE HIGH COURT
Ruled By: PATEL J

Grounds for Winding Up Section 206 of the Companies Act [Chapter 24:03] specifies the circumstances in which a company may be wound up: “A company may be wound up by the court - (a) If the company has by special resolution resolved that the company be wound up by the court; (b) If default is made in lodging the statutory ...
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HB108-14 : ELIPHAS KAWA vs VICTOR MUZENDA and THE ASSISTANT MASTER OF THE HIGH COURT and THE REGISTRAR OF DEEDS and VICTOR MUZENDA N.O. and ZEXCOM (PVT) LTD
Ruled By: TAKUVA J

The second ground of appeal has no merit, in my view, because there is no court order placing the fifth respondent under final liquidation. The matter is as simple as that. The first respondent has not attached any such order. The ffith respondent was placed under a provisional winding up order on the 4th of ...
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SC50-17 : JOSEPH SIBANDA and WEDGEWALL INVESTMENTS (PRIVATE) LIMITED vs MAKONDE INDUSTRIES (PRIVATE) LIMITED (in liquidation) and GLEN MOOR TRADING (PRIVATE) LIMITED and OTHERS
Ruled By: ZIYAMBI JA, GOWORA JA and BHUNU JA

This is an appeal against a decision of the High Court sitting at Harare in which that court dismissed an application for the setting aside of a final order for the liquidation of the first respondent granted by that court on 8 May 2013….,. The first appellant averred that he was the first respondent's largest ...
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HB83-16 : PROFERT ZIMBABWE (PVT) LTD vs MACDOM INVESTMENTS (PVT) LTD
Ruled By: MAKONESE J

This is an opposed application for the compulsory winding up of the respondent on the basis that it is commercially insolvent and unable to pay its debts. The application is brought in terms of the provisions of section 206(f) of the Companies Act [Chapter 24:03]. The applicant contends that, on the basis of the ...
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HB117-16 : BENNY HLATSHWAYO & 14 OTHERS vs GEOZING PAWNBROKERS (PVT) LTD and PHILIP NDLOVU N.O. and MATSHOBANA NCUBE N.O. and THE ASSISTANT MASTER OF THE HIGH COURT
Ruled By: TAKUVA J

The first respondent was placed under provisional liquidation on the 13th of June 2013 which was confirmed on the 11th of July 2013. The second and third respondents were then appointed provisional liquidators. Subsequently, on 19 December 2013, the creditors held a meeting before the fourth respondent where they passed a resolution that the first respondent be ...
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HB140-16 : ADELE FARQUHAR vs BANKNOTE ENTERPRISES (PVT) LTD t/a BANKABLE REAL ESTATE and RODWELL MBIRIMI and BETTY MBIRIMI
Ruled By: MATHONSI J

The applicant must be regretting tying her retirement, and, indeed, the twilight of her career to an estate agency business that had the second respondent in it. After what may have been an illustrious career as a Commercial Letting Manager of a well-known estate agency in Bulawayo, John Pocock and Company Limited, the applicant decided to resign ...
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HH324-13 : DOMINION TRADING FZ-LLC vs VICTORIA FOODS (PVT) LIMITED
Ruled By: MATHONSI J

The applicant, an incorporation registered in the United Arab Emirates, has made an approach to this court, on court application, seeking a provisional liquidation order against the respondent, another incorporation, cherishing its domicile in Zimbabwe, on the basis that it is unable to pay its debts and that it is just and equitable that the respondent ...
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Appealed
HH583-15 : ZIMBABWE ALLIED BANK LIMITED vs CALEB DENGU and WILSON TENDAI NYABANDA
Ruled By: MUREMBA J

The effect of a liquidation order is to freeze the affairs of the company with a view to preserve its assets. Any disposal of the assets of the company, without the leave of the court, is void (section 213(c) of the Companies Act). When the affairs of the company have been frozen it means that ...
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HH130-11 : THIRDLINE TRADING (PVT) LTD and ONCLASS INVESTMENTS (PVT) LTD vs BOKA INVESTMENTS (PVT) LTD and TOBACCO INDUSTRY & MARKETING BOARD
Ruled By: UCHENA J

Section 253 of the Companies Act [Chapter 24:03]…, provides that on liquidation: “(1) All the powers of the directors shall cease except so far as the liquidator or the creditors of the company sanction their continuance.”
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SC16-21 : GML EXPLOSIVE (PRIVATE) LIMITED vs LACKSON GONO AND 29 OTHERS
Ruled By: MAVANGIRA JA, MAKONI JA and MATHONSI JA

On 15 August 2019, the High Court (the court a quo) issued a provisional order for the provisional winding up of the appellant at the instance of the respondents who are its former employees. The court a quo confirmed the provisional liquidation order by judgment delivered on 20 November 2019.This ...