Fox & Carney in liquidation

HARARE - One of Zimbabwe’s oldest realtors, Fox & Carney (Private) Limited, is under liquidation, with the High Court appointing Winsley Militala of Petwin Executor and Trust Company (Private) Limited as the provisional liquidator.

This comes as the prevailing acute liquidity crisis has hit the property sector hard.

Fox & Carney — a family-run business founded in the 1960s — was early this year suspended by the Estate Agents Council (EAC) over malpractice allegations.

“Take notice that on the 26th day of November, 2014, the High Court at Harare, issued an order for the reinstatement of the order for the  provisional liquidation of Fox & Carney, which was issued on the 30th day of July 2014, under case number HC 3472/14,” read court papers obtained by businessdaily.

The application is under Case H.C.10230/14.

When Fox & Carney was suspended, EAC also deregistered businessmen Charles Tapiwa and Phillip Mbanje alongside Ubuntu Property Services for alleged misappropriation of trust funds.

With consumers facing serious economic pressures in Zimbabwe, rental defaults are on the rise, leaving realtors stranded as some property owners are by passing them to deal directly with the tenants.

 

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