Cap. 6:07
JNSOLVEi\CY
No. 7/2018
(2) The liquidator must pay to the said creditor his or her costs in respect of
the prosecution of the liquidation proceedings as costs of the liquidation, and the costs
so payable to the said creditor must be taxed according to the tariff applicable in the
Court that made the liquidation order.
18
Notice of liquidation
(I) The registrar of the Court that has granted a llrst liquidation order must
\Yithout delay send a copy of that order. and of any order amending or discharging that
order, by standard notice-
(a)
to the Registrar of Deeds of every deeds registry in Zimbabwe;
(b)
to the Reserve Bank of Zimbabwe as administrator of the Collateral
Registry established under section 58B of the Reserve Bank Act [Chapter
22:15]; and
(c)
to the sheriff of the district in\\ hich the debtor resides, has its registered
office or principal place of business, appears to be carrying on business,
or owns property.
(2) Every Registrar of Deeds, the Reserve Bank of Zimbab\ve and every sheriff
who receives a copy of an order in terms of subsection (I) must note thereon the date
and time when it was received by him or her.
(3) A Registrar of Deeds or the Reserve Bank of Zimbabwe, who receives
a copy of a first liquidation order, or a copy of the liquidation resolution referred to
in section 9, must enter a caveat against the transfer of all immovable and movable
property as the case may be or the cancellation or cession of every bond registered
in the name of or belonging to the debtor, and if the registrar or the Reserve Bank of
Zimbabwe receives a copy of an order discharging a liquidation order, he or she must
cancel every caveat entered in respect of such first liquidation order.
(4) A caveat entered in terms of this subsection expires ten years after the date
of the liquidation order in question, or ten years after the date of the registration of a
duly registered liquidation resolution referred to in section 9.
(5) The registrar of the Court must without delay send a copy of every liquidation
order, and any other order made by the Court in respect of the debtor or the liquidator
of the insolvent estate, by standard notice to the Master.
(6) Upon the granting of a first liquidation order the applicant who applied for
the order must without delay cause a notice of the order to be published in the Gazette.
PARTY
EFFECT OF LIQUIDATION
19
Effect of liquidation on debtor and his or her property
(I) The issuing of a f]rst liquidation order. or the registration of a liquidation
resolution in terms of section 10, or the giving of notice to pass a liquidation resolution
in terms of section 9, in respect of a debtor has the effect that(a)
all the property of the debtor in question must be regarded as being in the
custody and under the control of the Master until a liquidator has been
appointed, whereupon the insolvent estate must be regarded as being in
the custody and under the control of the liquidator; and
(b)
the provisions of the Movable Property Security Interests Act [Chapter
14:35] relating to the creation, perfection or enforcement of security
interests under Parts IL III and VII respectively, shall cease to apply for
as long as the debtor remains in liquidation.
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