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Tanzania decisions
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The High Court of Tanzania granted a six-month extension for an official liquidator to continue winding up Retrus Tanzania Ltd and file his report.
The High Court wound up Elite Career Choices (T) Limited for inability to pay debts and appointed an official liquidator, while directing priority for NSSF's claim.
The applicant failed to prove any wrongdoing, fraud, concealment, or misuse of the corporate form by the 2nd and 3rd Respondents. The directors acted within their legal mandate, and the company, as a separate legal entity, is solely liable for its debts. The grounds advanced for lifting the corporate veil were misconceived, unsubstantiated, or legally insufficient. The application is dismissed.
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The applicant fulfilled the conditions for stay of execution under Rule 11 of the Tanzania Court of Appeal Rules, 2009. Security for due performance must cover the sum owed, thus a bank guarantee of Euros 1,000,000.00 is required within 60 days.
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The respondent's failure to file Form No. 365a constitutes an omission to disclose security, requiring surrender of the security for the general benefit of all creditors under Rule 170(1) of the Companies (Insolvency) Rules, 2005. The respondent did not apply for relief from this consequence, and thus must release the title deed to the liquidator.
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The High Court dismissed a preliminary objection that a debt recovery suit was barred by an earlier winding-up petition and pending appeal.
A winding-up petition against FN Transport Limited was settled by deed of settlement, which the High Court recorded as part of its consent judgment.
Petition dismissed due to absence of Board Resolution authorizing the Petition, illegality of loan agreement for unlicensed lending at interest, and failure to prove Respondent's commercial insolvency with current financial evidence.
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The High Court struck out an execution application against a company in liquidation, holding that leave of court was required and the claim was incompetent.
Where the underlying debt is disputed and the parties have an arbitration agreement, the court must direct the parties to arbitration and strike out the winding up petition, as the dispute is arbitrable and the court is not the appropriate forum.
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