Bianca Mlilo, Business Reporter
ALTFIN Life Assurance has been placed under liquidation on insolvency basis after it failed to pay out claims to its clients.
Liquidation occurs when a company is insolvent, meaning it cannot meet its obligations as and when they are due.
Upon liquidation, the company ceases operations and its assets are divided up among creditors and shareholders, according to the priority of their claims.
In a statement, the Insurance and Pensions Commission (IPEC), the governing body for pensions and insurers, said the insurance firm was now in the hands of a liquidator, Mr Phibion Gwatidzo.
IPEC hereby advises all stakeholders that Altfin Life Assurance Company Limited has been placed under liquidation and all inquiries sh…
Read the full article at: http://www.chronicle.co.zw/altfin-placed-under-liquidation/