Allied Bank Limited (In Liquidation) v Everprosperous Worldwide Limited

[2019] ZWSC 46

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Case Details

Court

Supreme Court

Date

30 May 2019

Citation

[2019] ZWSC 46

Judgment No.

SC 46-19

Outcome

unknown

Case Type

Appeal

Bench

Presiding

Gwaunza DCJ

Author

Guvava JA

Full Bench

Gwaunza DCJGuvava JAMakoni JA

Areas of Law

Commercial LawInsolvency LawBanking Law

Keywords

PledgeLiquidationSharesDispositionParate executie

Key Issues

{"issue_text":"Whether the shares formed part of the appellant's property at the commencement of the liquidation process","issue_type":"mixed","dispositive":"yes","related_facts":"Pledge agreement, default on loan, commencement of liquidation, sale agreement date"}

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background

Facts of the Case

Background

Allied Bank Limited (in liquidation) pledged 37,233,118 Nicoz Diamond Insurance Limited shares to Everprosperous Worldwide Limited as security for a US$410,000 loan. When the bank defaulted on the loan maturity date of 31 December 2014, the respondent attempted to sell the shares. The bank was placed under provisional liquidation on 4 February 2015 and final liquidation on 4 March 2015. The liquidator demanded return of the shares, but the respondent refused, claiming it had the right to sell them.

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