By A Correspondent| GetBucks Microfinance Bank Limited has approached the High Court of Zimbabwe seeking the liquidation of the personal estates of Prophetic Healing and Deliverance Ministries founder Walter Magaya and his wife, Tendai, over an unpaid debt of US$420,140.72.
The application, filed in the High Court’s Commercial Division, follows a judgment issued on October 9, 2024, ordering the Magayas and their company, Planet Africa (Pvt) Ltd, to repay the bank with 10% monthly interest from September 11, 2024, until the debt is fully settled.
GetBucks argues the couple is insolvent, having failed to settle the judgment debt despite numerous attempts at execution. Movable assets at the Magayas’ home were released after a successful interpleader application by the Walter Magaya Family Trust. Similarly, assets at Planet Africa’s offices were claimed by PHD Ministries, also led by Magaya.
A piece of land owned by the principal debtor and held under Deed of Transfer 4076/2018 had been scheduled for auction on March 28, 2025, but the sale was blocked after Planet Africa entered voluntary corporate rescue proceedings.
The bank says all known recovery avenues have been exhausted and there are no further attachable assets, prompting the call for liquidation under Section 6 of the Insolvency Act (Chapter 6:07). It has nominated Noreen Chikaka of Reign Management Consultancy (Pvt) Ltd as liquidator, citing her professional experience.
GetBucks further argues that liquidation is in the interest of all creditors, as it would halt further debt accrual and compel the Magayas to disclose details of their finances, which the bank alleges have been deliberately hidden.
The bank also asked the court to order the Magayas to surrender their passports, claiming there’s a risk they may attempt to flee the country.
“The respondents have no known assets and have neglected statutory demands,” the application states. “They may want to leave the country to evade the law… liquidation will force them to account for their financial affairs.”
The matter is set to be heard in the High Court on Wednesday.