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A prominent wholesale firm with about 20 outlets countrywide — Metro Peech and Browne Wholesalers (Private) Limited — has been placed under corporate rescue.
Dr Oliver Mtasa has since been appointed as a corporate rescue practitioner.
Reads part of the notice, “Take notice that on the 31st of August 2023, Metro Peech & Browne Wholesalers (Private) Limited (Under Corporate Rescue) —CR9/23 commenced corporate rescue proceedings in terms of section 122(3) of the Insolvency Act (Chapter 6:07).
“During corporate rescue proceedings, no legal proceedings, including enforcement action, against the company, or in relation to any property belonging to the company or lawfully in its possession, may be commenced or proceeded within any forum.”
However, there are exceptions which include “with the written consent of the practitioner; or (b) with the leave of the Court and in accordance with any terms the Court considers suitable; (c) as a setoff against any claim made by the company in any legal proceedings, irrespective of whether those proceedings commenced before or after the corporate rescue proceedings began.”
The Insolvency Act adds that “criminal proceedings against the company or any of its directors or officers; or (e) proceedings concerning any property or right over which the company exercises the powers of a trustee; or (f) proceedings by a regulatory authority in the execution of its duties after written notification to the corporate rescue practitioner”.
The first meeting of creditors and members is scheduled for September 20, 2023 at Master’s Court in Harare.
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