New Zimbabwe.com

Air Zimbabwe administrator hosts first creditors meeting

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By Alois Vinga


AIR Zimbabwe administrator, Regis Saruchera will this week host the first creditors meeting since his October appointment under the new reconstruction arrangement where a progress report will be issued.

The Reconstruction Act allows government to dissolve the management board and temporarily takeover the running of a company’s operations if convinced that there may be risk of closure due to bad management.

But after nearly two months in his new role, Saruchera has finally issued a notice inviting all creditors to attend.

“Notice is hereby given that the first meeting of creditors of Air Zimbabwe Holdings (Private) Limited will be held on Wednesday 28th of November 2018, in the main auditorium Celebration Ministries International,” he said.

All creditors owed money by Air Zimbabwe have been advised to collect and complete proof of claim forms from the national airline’s offices and submit them with the Master of High Court in Harare at least 48 hours before the scheduled meeting.

The creditors were also urged to send representatives to the meeting.

“A duly appointed representative of your organisation must appear in person at the meeting in order to prove your claim. If no one is in attendance on the day of the meeting, your claim will be rejected for non-appearance,” the notice says.

Air Zimbabwe was placed under Reconstruction after failing to be commercially viable for a long time and as at December 2017, the entity’s total debt stood at $341 million.
But in July this year, government, through the Reconstruction of State Indebted Insolvent Companies Act, took over the national airline’s debt.