Zimbabwe News Update
herald
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Nqobile Bhebhe Zimpapers Business HubTELECOMMUNICATIONS firm Telecel Zimbabwe has entered a new chapter after its board of directors placed the company under voluntary corporate rescue — a legal process meant to save struggling but vital businesses.In a notice issued this week, the company confirmed that the decision was taken last Wednesday, 22 October, and became effective on Monday, 27 October.“Take note that on the 22nd of October 2025, the Board of Directors of Telecel Zimbabwe (Private) Limited (‘the Company’) passed a resolution to place the Company under voluntary corporate rescue in terms of section 122 of the Insolvency Act [Chapter 6:07],” read the statement.“The resolution was duly filed with the Master of the High Court and the Registrar of Companies and took effect on the 27th of October 2025.”Stakeholders, including employees, customers, suppliers, creditors and shareholders, have been informed that the process is meant to rehabilitate the company, not liquidate it.“The corporate rescue process is designed to rehabilitate the company and does not signify an intention to liquidate,” read the statement.Telecel also highlighted that a general moratorium on all legal proceedings against the company is now in force.
“In terms of Section 126 of the Act, a general moratorium on all legal proceedings against the company, or in relation to any property belonging to the company, is now in effect, unless otherwise provided by the Act,” the notice read.Corporate rescue — also known as business rescue or judicial management — falls under the Insolvency Act, which replaced the old Companies Act. It has increasingly become a key Government strategy to revive distressed firms, protect jobs and keep critical assets alive.Leave a ReplyCancel reply
Nqobile Bhebhe Zimpapers Business HubTELECOMMUNICATIONS firm Telecel Zimbabwe has entered a new chapter after its board of directors placed the company under voluntary corporate rescue — a legal process meant to save struggling but vital businesses.In a notice issued this week, the company confirmed that the decision was taken last Wednesday, 22 October, and became effective on Monday, 27 October.“Take note that on the 22nd of October 2025, the Board of Directors of Telecel Zimbabwe (Private) Limited (‘the Company’) passed a resolution to place the Company under voluntary corporate rescue in terms of section 122 of the Insolvency Act [Chapter 6:07],” read the statement.“The resolution was duly filed with the Master of the High Court and the Registrar of Companies and took effect on the 27th of October 2025.”Stakeholders, including employees, customers, suppliers, creditors and shareholders, have been informed that the process is meant to rehabilitate the company, not liquidate it.“The corporate rescue process is designed to rehabilitate the company and does not signify an intention to liquidate,” read the statement.Telecel also highlighted that a general moratorium on all legal proceedings against the company is now in force.
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