The Liquidator of Afrasia Bank Zimbabwe Limited v Crustmoon Investments (Private) Limited and Nigel Chanakira

HH 598-23

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Case Details

Court

Harare High Court

Date

3 November 2023

Citation

HH 598-23

Neutral Citation

[2023] ZWHH 598

Outcome

unknown

Case Type

Application

Bench

Presiding

Chinamora J

Full Bench

Chinamora J

Areas of Law

Banking and Finance LawInsolvency LawCompany Law

Keywords

LiquidatorShare repurchase schemeVoidable preferenceLocus standiInsolvency Act

Key Issues

{"issue_text":"Does the liquidator have locus standi to institute proceedings without court leave or creditor resolution?","issue_type":"procedural","dispositive":"yes","related_facts":"Liquidator brought application without obtaining leave under s 221(2) of Companies Act"}
{"issue_text":"Is the Share Repurchase Scheme impeachable as a voidable preference under the Insolvency Act?","issue_type":"mixed","dispositive":"no","related_facts":"Transaction concluded within six months of liquidation; alleged preference over other creditors"}
{"issue_text":"Does the Insolvency Act apply to a bank liquidated by surrender of banking licence?","issue_type":"law","dispositive":"no","related_facts":"Bank surrendered licence under s 206(a) rather than being wound up for inability to pay debts"}

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Facts of the Case

Background

The liquidator of Afrasia Bank Zimbabwe Limited sought to impeach a share repurchase scheme concluded in 2013 and finalized in 2015, alleging it constituted a voidable preference under the Insolvency Act. The transaction involved Crustmoon Investments disposing of its indirect 48% shareholding in Afrasia Kingdom Holdings Limited for consideration of US$12.5 million. The respondents opposed the application, raising preliminary points including lack of cause of action, applicant's locus standi, and inapplicability of the Insolvency Act.

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