By Court Correspondent | ZimEye | GetBucks Microfinance Bank Limited has approached the High Court with an application seeking the liquidation of Prophetic Healing and Deliverance Ministries (PHD) founder, Walter Magaya’s family Estates following his failure to pay a US$420, 140 debt as directed by courts last year.
Magaya and his wife, Tendai borrowed the money in March this year promising to pay back the total amount by September 7 2024.
They went on to give as surety, a piece of land next to Yadah Hotel measuring 3, 2323 hectares.
After failing to pay,High Court judge Justice Jacob Mafusire on Wednesday granted an order against the couple and their company, Planet Africa, ruling that their property held as surety was now executable.
This led to the attachment of a property of Stand I 66 of Prospect, measuring 3.2323 hectares, which is held under Deed of Transfer number 407 6118 dated July 27, 2018.
According to GetBucks attempts to execute the judgment have been futile.
The bank claims the Magayas have no known assets and their liabilities exceed their assets.
The court was informed that just days before the scheduled sale, the couple voluntarily decided to place the principal debtor into Corporate Rescue, which hindered the execution of the sale of the immovable property.
“There being no further assets of the 1st and 2nd Respondent and after frustration of all execution avenues to frustrate the judgment of this court and to render it a brutum fulmen, it follows that the two are insolvent and their estates should be liquidated.
“The 1st and 2nd Respondents are generally unable to pay debts which are due and payable.
“Procedures have been abused to frustrate execution. Entities linked to the applicant have been used to frustrate the genuine execution of court orders.
“These include the PHD Ministries and The Walter Magaya Family Trust,” stated GetBucks in their application.
They also highlighted that Magaya and his wife are well-known figures in society, with Magaya identified as a prophet at PHD Ministries.
“The two have presented themselves as individuals with nothing and have used entities as agents. They should show the court how they are settling personal obligations and sustaining themselves,” the application continued.
“A prima facie case has been made entitling the applicant to be granted a provisional order pending confirmation for the liquidation process to promptly commence.”
GetBucks further requested costs to be awarded on a higher scale accusing the two of abusing court processes.
GetBucks said liquidation would be advantageous to it and any other creditors, preventing further accrual of debt and compelling the Magayas to disclose information about their financial affairs.
The matter was set for a virtual hearing before High Court judge Justice Faith Mushure this Wednesday.