By 
A petition has been filed in the Lusaka High Court for the winding-up of Mulungushi Corporation Limited for failure to settle $52,000 outstanding balance owed to one of its creditors.
Lomax Investments Limited stated that Mulungushi Corporation Limited owed the company US$52,000 being the balance of a judgement sum of US$150,000.
The Petitioner alleged that Mulungushi Corporation Limited, which was a lead supplier of copper cathodes had no financial capacity to settle the alleged debt.
Lomax Investments Limited had asked the Court to appoint a Provisional Liquidator, pending conclusion of the matter.
In its winding-up petition, Lomax Investments Limited stated that the two parties had entered into a consent judgement and Mulungushi Corporation Limited was indebted in the sum of $150,000.
“After issuance of the writ of fifa,the respondent requested that it makes a further payment towards the settlement of the outstanding debt and the Petitioner halted the execution of the writ of fifa upon the respondant paying the sum of $25,000 leaving an outstanding balance of $90,000.The respondent later paid the sum of $38,000 leaving an outstanding balance of $52,000,” it stated.
Lomax Investments Limited pleaded that the Court place Mulungushi Corporation Limited for wound up as it had no financial muscle to pay its debts.
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments