Spar creditors to get nothing – liquidator

HARARE,– Non-statutory creditors, including CBZ Bank, who are owed over $4 million by three Spar stores which were put under liquidation in June this year will receive nothing from the auctioning of properties, the liquidator said on Wednesday.

The three stores — Julius Nyerere Spar, First Street Spar and Ballantyne Spar were liquidated in June this year, with Theresa Grimel of Trivade Private Limited appointed as the liquidator.

Grimmel told the creditors at High Court on Wednesday that the money realised from the auction of the properties owned by the three stores will be used to pay Zimbabwe Revenue Authority (ZIMRA), National Social Security Authority (NSSA) and former employees.

First Street Spar assets were auctioned in September while Julius Nyerere Spar and Ballantyne were auctioned in October.

“We sold the property of Ballantyne Spar on the 1st of October …Those two claims (ZIMRA and ex-employees) are preferent and they will be paid as soon as possible while other creditors will not receive a single cent. I regret to say that there is nothing to sell,” said Grimmel.

Ballantyne Spar owes ex-employees and ZIMRA a total of $328,462.
CBZ Bank is one of the biggest creditors and is owed $798,700 by Spar Ballantyne. – Source

Related Posts
IMF team in Zambia to review economy as kwacha slides
LUSAKA (Reuters) - An International Monetary Fund (IMF) mission arrived in Zambia on Wednesday to meet officials for a scheduled review of the economy as it grapples with a sliding ...
READ MORE
ZPC says Chinese talks to fund Hwange Thermal Station could drag to year-end
HARARE,– The Zimbabwe Power Company says talks with China Eximbank  to fund the $1,5 billion expansion works for Hwange Thermal Power Station are likely to drag into the last quarter ...
READ MORE
Zimre back in the black with $1,1mln H1 net profit
HARARE,– Zimre Holdings on Friday reported a net profit of $1,1 million in the half year to June compared to a loss of $100,000 the previous year helped by a ...
READ MORE
Zimbabwe oil processing firm seeks removal of U.S. sanctions
HARARE,-- A Zimbabwean cooking oil processing company said Tuesday it is seeking removal from the U.S. sanctions list after shedding off a minority stake previously owned by a state-owned entity ...
READ MORE
Zimplow targets to grow exports 25pct in FY2015, eyes more regional markets
HARARE,– Agro and mining equipment manufacturing group Zimplow Holdings expects to grow exports by 25 percent and will resume exports to South Sudan, an official has said. Chief executive, Zondi Kumwenda ...
READ MORE
Zimbabwe economy faces bleakest post-dollarisation outlook, seen contracting 4pct in 2015 – Invictus
HARARE,– Zimbabwe’s economy is this year seen contracting by four percent, weighed down by weak mineral prices and poor foreign direct investment flows, research by a brokerage firm has shown. Government ...
READ MORE
I am not leaving tourism industry – Munyeza
HARARE,– Shingi Munyeza who left his position as African Sun group chief executive on Tuesday, says he will remain active in the tourism industry with his family business.   Munyeza — whose ...
READ MORE
Zimbabwe inflation fall 0.9 percent y/y in December – Zimstats
HARARE (Reuters) - Zimbabwe's consumer prices declined 0.93 percent year-on-year in December, after contracting 1.09 percent in November, data from the national statistics agency showed on Monday. On a month-on-month basis, ...
READ MORE
The next 35 years: Nigeria and SA may not be Africa’s biggest economies. Who will?
SOUTH Africa has had a very tough 2015, as global – and local – forces seemingly conspired to knock the wind out of the country’s lungs. First, the global commodity price ...
READ MORE
The choices facing Delta over potential Coca-Cola exit
HARARE,– Delta is faced with three choices following a decision by the Coca-Cola Company (TCCC) to terminate the Bottlers’ Agreements with Delta Beverages and its associate Schweppes Holdings Africa, analysts ...
READ MORE
IMF team in Zambia to review economy as
ZPC says Chinese talks to fund Hwange Thermal
Zimre back in the black with $1,1mln H1
Zimbabwe oil processing firm seeks removal of U.S.
Zimplow targets to grow exports 25pct in FY2015,
Zimbabwe economy faces bleakest post-dollarisation outlook, seen contracting
I am not leaving tourism industry – Munyeza
Zimbabwe inflation fall 0.9 percent y/y in December
The next 35 years: Nigeria and SA may
The choices facing Delta over potential Coca-Cola exit

Arts & Entertainment

Arts & Entertainment

Jennifer Lopez coyly addresses Drake relationship amid romance rumours

20th January 2017 Staff Reporter 0

Jennifer Lopez claims her relationship with rapper Drake is strictly professional. In a new interview, the Shades Of Blue actress avoided questions about their rumoured romance and instead, confirmed they have collaborated on a new […]

Arts & Entertainment

Paris Jackson ‘wants to vomit’ seeing white actor as ‘King of Pop’

12th January 2017 Staff Reporter 0

Michael Jackson’s daughter Paris says she is “incredibly offended” by a new comic film in which a white British actor, Joseph Fiennes, portrays the late “King of Pop.” Paris Jackson, 18, also called the tongue-in-cheek […]