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Harare High Court
DEPOSIT PROTECTION CORPORATION (in its capacity as the Provisional Liquidator of TRUST BANK CORPORATION LIMITED) versus RIOZIM LIMITED
HH 390-17
Case Details
Court
Harare High Court
Date
20 June 2017
Citation
HH 390-17
Neutral Citation
[2017] ZWHH 390
Outcome
unknown
Case Type
Application
Bench
Presiding
CHIWESHE JP
Full Bench
CHIWESHE JP
Areas of Law
Banking lawCompany lawCivil procedure
Keywords
Rescission of judgmentProvisional liquidationDefault judgmentLeave of courtBanking Act
Tags
Bank liquidationProvisional liquidatorDefault judgmentRule 449 application
legislation
Statutes Cited
- High Court Rules, 1971
- Companies Act [Chapter 24:03]
- Banking Act [Chapter 24:20]
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether the variation order was erroneously granted in the absence of the applicant and should be rescinded under Rule 449(1)(a)","issue_type":"procedural","dispositive":"yes","related_facts":"The variation application was filed without leave of court against a bank under provisional liquidation, and the applicant was not cited"}
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background
Facts of the Case
Background
The applicant, acting as provisional liquidator of Trust Bank Corporation Limited, sought rescission of a default judgment obtained by the respondent on 27 May 2015. The judgment varied an earlier court order by reducing the amount owed from $1,824,505.05 to $634,336.14 and reducing interest from 45% to 25% per annum. The application for variation was filed without leave of court against a bank under provisional liquidation, and the applicant was not cited as the provisional liquidator.
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