LOCAL telecommunications firm, Firstel Cellular, has approached the High Court seeking an order for provisional liquidation after being inundated by debts amounting to $12 million.
BY CHARLES LAITON
Firstel company secretary Tamuka Madzore, in an application filed in February, urged the court to consider their application arguing the firm was in dire need of assistance.
The application is being made for the reasons that the applicant is unable to pay its debts. The applicant currently has liabilities in the sum of $11 821 056, 93 of which the sum of $11 245 805, 23 is owed to one creditor, Madzore said.
The applicant has failed to pay off these amounts and is no longer in operation as it has closed most of its branches throughout t…
Read the full article at: https://www.newsday.co.zw/2016/04/11/firstel-struggles-service-12m-debt-apply-liquidation/