‘Liquidate Armcor’
Published On November 28, 2014 » 3685 Views» By Davies M.M Chanda » HOME SLIDE SHOW, SHOWCASE
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high court 628x350By KAIKO NAMUSA? –
A PETITION has been filed in the Lusaka High Court to liquidate Armcor Security Limited on account of its failure to pay its debts.
Additionally, 20 Armcor management employees have applied to the Lusaka High Court to include them as interested parties in the application to liquidate the security company.
This is according to a petition which was filed by Stanley Nare of Farm 378a in Lusaka and named Stella Willima as the provisional liquidator of Armcor Security of Lusaka.
In an affidavit filed in the court obtained yesterday, Mr Nare stated that Armcor had unpaid loans to First Alliance Bank, Indo-Zambia Bank, African Banking Corporation, the petitioner himself, workers and others to be ascertained once the petition had been published.
The petitioner filed with a certificate of urgency claiming that Armcor Security issued several cheques that had been returned unpaid by Armcor’s bankers and felt the company was now insolvent.
“That it is just and equitable if an independent person took over the operations in the process, use her independence to meet all outstanding obligations that the company has to its business client,” the affidavit read in part.
The 20 managers, represented by Patrick Kangwa, an operations manager of Armcor, claimed that the company was indebted to its employees in excess of K9 million and was facing difficulties in liquidating the debt.
“That the company is struggling to pay its debts as aforesaid, we wish to join the proceedings to wind up the respondent company in order to secure our interests,” read part of Mr Kangwa’s affidavit.
Mr Kangwa proposed to appoint Messrs Felix Chisambo, an accountant by profession, and Messrs Siakamwi Chikuba, a lawyer, to be the joint court-appointed provisional liquidators on behalf of the employees.

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