Plaza Pharmacies placed under judicial management

HARARE - Plaza Pharmacies, which has been operating in the country for the past 20 years, has been placed under judicial management.

This comes as at least a dozen firms from various sectors of the economy applied for either liquidation or judicial management in January this year due to worsening economic conditions.

The company’s judicial manager Modern Mutumwa of The Saint Consultancy said the first meeting of creditors and members will be held at the Master of High Court on June 14, 2017.

“Plaza Pharmacies was placed under judicial management towards the end of January this year,” he told the businessdaily yesterday.

Mutumwa said there were high chances that the company could be revived as it was now on a strong financial position.

“There were few management issues that led to judicial management but I am happy to say that the company is now doing quite well,” he added.

Meanwhile, Liftquip Limited (Liftquip) has filed for liquidation at a time when the economic crisis is deepening characterised by a debilitating liquidity crunch as evidenced by an acute cash shortage, low capacity utilisation and obsolete equipment.

At least 260 companies from the food, engineering and clothing sectors closed shop last year, with a total of 8 843 workers being retrenched in 2015 and 2016 as the economy continues to contract.

Liftquip liquidator Bernamy Chiganze yesterday said the first meeting of members and creditors will also be held at the Master of High Court on June 14.

“We kindly request all creditors to attend this meeting and lodge their claims. A duly appointed representative of your organisation should appear in person before the Master of High Court in order to prove your claim,” Chiganze added.

Liftquip’s application for liquidation comes at a time when more than 260 applications have been made to retrench workers, with more than a quarter of the applications made by State entities.

The commercial sector has the highest number of retrenchment applications with 77, while parastatals have 70 requests to lay off workers.

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