Rio Zim (Private) Limited v Trust Bank Corporation Limited (In Liquidation)

[2021] ZWSC 87

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Case Details

Court

Supreme Court

Date

6 July 2021

Citation

[2021] ZWSC 87

Judgment No.

SC 87/21

Outcome

unknown

Case Type

Appeal

Bench

Presiding

MAKARAU JA

Full Bench

MAKARAU JAHLATSHWAYO JAUCHENA JA

Areas of Law

Company LawCivil ProcedureBanking Law

Keywords

Leave to sue company in liquidationDefault judgmentRescission of judgmentSection 213 Companies Act

Key Issues

{"issue_text":"Whether the High Court properly exercised its discretion in denying leave to sue a company in liquidation","issue_type":"procedural","dispositive":"yes","related_facts":"Application for leave under s 213 Companies Act, company in liquidation"}
{"issue_text":"Whether the court a quo erred by determining the merits instead of assessing if application was frivolous or vexatious","issue_type":"procedural","dispositive":"no","related_facts":"Court considered nine reasons for dismissal"}
{"issue_text":"Whether the court a quo misconstrued the cause of action in the proposed application","issue_type":"law","dispositive":"no","related_facts":"Appellant sought correction of judgment vs writ of execution"}

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background

Facts of the Case

Background

The appellant borrowed US$3,875,000 from the respondent bank in 2011, which increased to US$5,789,262 by 2012. After restructuring, the bank obtained default judgment for US$1,824,505.05 at 45% interest. When the bank was placed in provisional liquidation in September 2014, the appellant sought rescission of the default judgment and later applied for leave to sue the liquidated bank, which was refused by the High Court.

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