GWATIDZO NO v FIRST TRANSFER SECURITIES (PVT) LTD & ORS 2014 (1) ZLR 459 (H)

2014 (1) ZLR p459

Flynote

Company – liquidation – powers of liquidator – selling shares belonging to company under liquidation – Securities and Exchange Commission – Commission directing stockbrokers not to sell such shares – Commission having no power to issue such directive – courses open to Commission if aggrieved by act of liquidator – winding up – effect of winding up order – concursus creditorum – protection of the assets of company for benefit of creditors – powers of court in regard thereto

Stock exchange – Securities and Exchange Commission – powers – directive to stockbrokers not to dispose of shares of company in distress – such company already under liquidation and liquidator having ordered sale of such shares – Commission having no power to interfere with liquidator's decision