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The company has lost several lawsuits and many of its assets have been sold to satisfy the court judgments.
Jaggers owe creditors more than US$5 million and according to the shareholder, there is urgent need for appointment of a judicial manager pending re-capitalisation.
In a chamber application at the High Court, Borlscade director Mr Cecil Muderede deposed an affidavit saying the problems facing Jaggers emanated from the previous directors’ mismanagement.
Mr Muderede said the company is not operating as a viable concern and has failed to realise its objectives as outlined in the memorandum of association.
“The main problem has been failure by the company’s board of directors to manage the affairs of the company.
“The previous directors however, mismanaged the affairs of the company.
“The company is indebted to its creditors to an amount in excess of US$5m.
“It has been seized with innumerable lawsuits.
“It is the applicant’s prayer that this honourable court directs that a judicial manager takes over the management of the respondent (Jaggers),” said Mr Muderede.
He said without urgent intervention the company could collapse.
Mr Muderede added: “All people who have occupied management positions have not been able to separate their own interests from those of the company.
“Everyone seems to want a piece of cake.”
He said if properly managed, Jaggers was capable of turning into a successful concern.
High Court judge Justice Samuel Kudya has sought clarification on Borlscade’s corporate status.
Lawyers Bruce Mujeyi Attorneys are expected to make the clarification. – CR.
Online Reporter