Over 1 500 creditors (pictured) of McDowells International, a micro-finance firm, which was placed under liquidation after failing to pay debts totalling $16 million, besieged the high Court on Wednesday. a�?This is an exceptional case. I havena��t presided over a case attended by such a huge number,a�? Master of high Court, eldard Mutasa told the packed courtroom. The creditors of the Masvingo-based company a�� whose licence was cancelled over a year ago by the central bank for illegally mobilising depositorsa�� funds a�� filled two court rooms and voted for the company to be placed under liquidation and the subsequent recovery and sale of all assets including some in South Africa.
The company owes $16 million to its creditors, mainly civil servants, and many travelled from Bulawayo and Masvingo for the meeting. It is owned by Member Chipamba and Linda Dewa, who attended the meeting. a�?McDowells cannot be resuscitated. Ita��s like flogging a dead horse. We want all assets sold so that we get something,a�? said one creditor. The liquidator, Winsley Militala, said McDowells was a complex matter that required a high degree of propriety and patience. a�?Some creditors and even lawyers have been displaying their anger over nonpayment of their dues,a�? he said.