1.

Removal of a Liquidator
Companies Act of Zimbabwe [24:03]
273 Power of court to declare person disqualified from being liquidator or to
remove liquidator

(1) The court, on the application of the Master or person having an interest in the
winding up—
(a) may declare that any person proposed or appointed as liquidator is
disqualified under section two hundred and seventy-two from holding the
office and, if he has been appointed, may remove him therefrom;
(b) may remove any liquidator from his office upon any of the following
grounds—
(i) absence from Zimbabwe, ill-health or any other factor tending to
interfere with the performance of his duties as liquidator;
(ii) that he has accepted or offered or agreed to accept or has solicited
from any auctioneer, agent or other person employed on behalf of
the company any share of the commission or remuneration or of any
other benefit whatever accruing to such auctioneer, agent or other
person;
(iii) misconduct, including any failure to satisfy a lawful demand of the
Master or of a commissioner appointed by the court;
(iv) failure to perform any of the duties imposed on him by this Act;
(v) any other good cause.
(3) The Master shall give notice in the Gazette of the removal of any liquidator from his
office in terms of this section.

Insolvency Act 2018

41 Appointment of liquidator
(I) In this section-
"qualified person" means a properly registered and licensed insolvency practitioner under
Parts IIIA and IV of the Estate Administrators Act [Chapter 27:20].

(2) The Master must as soon as possible, hut no longer than forty-eight hours, after
receipt of the first liquidation order, or, in the case of a voluntary liquidation by
resolution in terms of sections 9 or 10, after receipt of a duly adopted liquidation
resolution, or after the time when a liquidator ceases to function as liquidator
according to sections 78 or 19(3), appoint a qualified person as liquidator.

(3) No person may be appointed as liquidator under this section unless he or she has
given security to the satisfaction of the Master for the proper exercise of his or her
powers and performance of his or her duties as liquidator, and has lodged an
affidavit stating that he or she is not disqualified in terms of section 74.
(4) In determining who should be appointed as liquidator, the Master may have regard
to the wishes of the creditors of the estate.

(5) A liquidator appointed in terms of subsection (I) is, before the first meeting of
creditors of the insolvent estate, obliged to give effect to any direction given to him
or her by the Master.

79 Removal of liquidator from office by Master

(1) The Master must remove a liquidator from office-

(a) if he or she was not qualified for appointment as liquidator or if his or her
appointment was unlawful;
(b) if the majority in value and the majority in number of the creditors who have
proved claims against the estate-
i. have requested the Master in writing to do so; or
ii. have at a meeting of creditors of the estate, after notice of the intended
resolution was given, resolved that the liquidator must be removed from
office;
(c) if he or she resigns from the office of liquidator;
(d) if he or she is temporarily absent from Zimbabwe for a period longer than 60
days without the permission of the Master, or contravenes any conditions set by
the Master when he or she gave permission;
(e) if after his or her appointment he or she becomes disqualified from being a
liquidator.

(2) The Master may remove a liquidator from office on the ground that he or she has failed
to perform satisfactorily any duty imposed upon him or her by this Act or has failed to
comply with a lawful demand of the Master.

2. Law for Liquidation

13 Act has limited application to certain types of debtor
(l) This Act does not apply in respect of-
(a) an insurance company as defined in the Insurance Act [Chapter 24:07];
or
(b) a bank as defined in the Banking Act [Chapter 24:20];
(c) a registered securities exchange, operator of a central securities depository.
securities market transaction and any licensed person licensed or
registered in terms of the Securities Act [Chapter 24:25];
(d) any person registered in terms of the Asset Management Act [Chapter
24:26 j and Collective Investment Schemes Act [Chapter 24: 19];
except insofar as it is made applicable by the provisions of the aforesaid legislation.