Judith Senior Maswela N.O. (In her capacity as Executrix Dative for the Estate Late Owen Wini Maswela) v The Master of the High Court and Cecil Hondo Madondo (In his capacity as Liquidator of Kunganda Farm (Private) Limited) and Mwami M. Siamusipa N.O.

HH 171-20

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Case Details

Court

Harare High Court

Date

3 March 2022

Citation

HH 171-20

Neutral Citation

[2020] ZWHH 171

Outcome

unknown

Case Type

Application

Bench

Presiding

ZHOU J

Full Bench

ZHOU J

Areas of Law

Company lawInsolvency lawLiquidation proceedings

Keywords

LiquidationDistribution accountUS dollarsCurrency conversionLiquidator misconduct

Key Issues

{"issue_text":"Whether the Master erred in dismissing the objection to the Second Interim Liquidation and Distribution Account given the irregularities in how the US$70,000 was handled","issue_type":"mixed","dispositive":"yes","related_facts":"Liquidator received US$70,000 cash, deposited into local currency account, failed to provide documentation of movement, Master's calculations showed shortfall"}
{"issue_text":"Whether the liquidator breached his duty by failing to preserve the value of the USD proceeds","issue_type":"law","dispositive":"no","related_facts":"Shareholders instructed sale in USD to preserve value, liquidator deposited into local currency account"}

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background

Facts of the Case

Background

The applicant and third respondent, as shareholders of Kunganda Farm (Private) Limited under liquidation, objected to the Second Interim Liquidation and Distribution Account prepared by the second respondent liquidator. The dispute centered on US$70,000 received from the sale of the company's farm property, which the liquidator deposited into a local currency account instead of preserving its value in foreign currency as instructed by the shareholders.

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