19 January 2018
   
ED and Zambia’s Lungu in ‘open talks’
African leaders wait for an apology from Trump
ED Shocker: Mugabe, 93, forgot he fired me
UK-ZIM: Mnangagwa exploits Brexit chance
MDC-T devastated by Bennet’s death
30 ZRP bosses fired, CIO spies too
Parliament: 11 G40 ministers, MPs fired
MDC-T’s Gutu scoffs at party HQ ban
MORE NEWS
SOE DEBATE: Privatise most parastatals
‘Mobile money tax will get dodger vendors’
MORE BUSINESS
Delight as ZBC 'Iron Lady' suspended
Sulu arrested over $4,000 child support
MORE SHOWBIZ
Tendai Ndoro special - says Ajax coach
Zim cricket official charged with fraud
MORE SPORTS
Elections: Not a moment to be lost
A view beyond the Zimbabwe coup
MORE OPINION
 
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
MORE COLUMNISTS
 
 
Altfin Insurance to be liquidated, creditors owed $3,3 mln
13/07/2015 00:00:00
by The Source
 
 
RELATED STORIES

ALTFIN Insurance, whose licence was cancelled at the beginning of this year, will now be liquidated with some creditors likely to recover 20 percent of the amount they are owed as the company’s liabilities exceed assets, The Source has established.

Zimbabwe’s insurance regulator, the Insurance and Pension Commission (IPEC) in January cancelled Altfin’s operating licence after it failed to raise the required minimum capital of $1,5 million.

It was also heavily exposed to the collapsed Interfin Bank and failed to settle total gross outstanding claims amounting to $3 million as at December 31, 2013.

In a report to creditors seen by The Source on Friday, the company’s provisional  judicial manager, Christopher Maswi of Fairvalue Management Consultancy said the company could not continue its operations since its licence was cancelled.

Its assets are worth $2 million while liabilities stand at $3,3 million.

Preferred creditors will recover the full amount owed while concurrent creditors will get 21 percent of the owed amount.

“The business cannot trade without a licence and therefore should be wound up and distribute proceeds to creditors,” said Maswi, adding that there was need to bring finality to the matter and avoid further costs build up.

The company is also facing several litigation cases worth $1,4 million with Myramma Farm being owed $1,2million while Cottco is owed $96,500.

Creditors have since agreed to have the company liquidated since they have no other option.

Altfin Insurance is a subsidiary of Altfin Holdings Limited. The parent company also has full shareholding in Altfin Life Assurance which was suspended and Altfin Health.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker