Cement manufacturer Khayah Cement, placed under corporate rescue in December last year under the Insolvency Act [Chapter 6:07], has convened its first creditors’ meeting to verify claims.
The company voluntarily entered corporate rescue due to viability challenges, appointing Bulisa Mbano of Grant Thornton (Zimbabwe) as the corporate rescue practitioner to oversee the process.
The first creditors’ meeting is scheduled for February 19, 2025, at the Master of the High Court Offices in Harare. Creditors have been advised to file their claims, attaching an affidavit and completing a proof of claim form.
The first creditors’ meeting will focus on discussing the corporate rescue plan, submitting proof of claims, and receiving a statement from the Master of the High Court on the company’s prospects for rescue. Additionally, a creditors’ committee will be appointed to collaborate with the corporate rescue practitioner on behalf of all creditors.
The corporate rescue process aims to help Khayah Cement restructure its operations, safeguard its assets, and restore financial stability while ensuring continued supply of quality cement to the market.
