MIDLANDS based Innoe Fraser Investments has been ordered by the High Court to pay a ZW$1 687 888.60 debt owed to poultry giant Irvine’s Zimbabwe.
The debt was supposed to have been paid by May 31 last year at a 5% interest rate per annum.
High Court judge, Justice Webster Chinamora ruled that Innoe Fraser Investments pay back the amount and interests which have since accrued.
“It is ordered that the plaintiff’s claim against the defendants jointly and severally, the one paying the other to be absolved, for provisional sentence in an amount of ZW$1 645 583.60 together with interest on that amount at the rate five percent per annum from May 31, 2021, to the date of payment, be and is hereby granted,” said Chinamora.
“The acknowledgement of debt stipulates that in the event that the debtor fails to pay the debt on due date, the plaintiff would be entitled to institute legal proceedings for the recovery of the full sum then, outstanding together with interest thereon at the rate of five percent per annum from the date of default to the date of full and final payment.
Innocent Ndlovu, representing Innoe Fraser Investments acknowledged that he had agreed to be liable for legal recourse in the event of breach of contract.
“The debtors acknowledge that they shall be liable for legal costs, on a legal practitioner and client scale, and any collection commission charged by the creditor’s lawyers pursuant to recovery of this debt,” read Innoe Fraser Investment’s acknowledgement of debt.
“The circumstances shall be deemed to be a breach of this agreement, sufficient to warrant cancellation and immediate demand for payment of the debt…a failure to make timeously any payment due, the liquidation or insolvency of the debtors whether provisionally or otherwise, entering into any compromises or accommodation with any other creditors, any writ of execution of any competent court remaining effective 10 days after issue.”