Truewin Investments disposes of assets

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TRUEWIN Investments (Pvt) Ltd (trading as Gensco) currently in liquidation, is disposing its assets in a bid to raise more than $800 000 owed to creditors, Southern Eye Business has established.

TRUEWIN Investments (Pvt) Ltd (trading as Gensco) currently in liquidation, is disposing its assets in a bid to raise more than $800 000 owed to creditors, Southern Eye Business has established.

MTHANDAZO NYONI OWN CORRESPONDENT

The Bulawayo-based engineering firm was put under liquidation in June last year after it failed to pay its 24 creditors an amount of $814 588.

PNA Chartered Association were appointed the liquidators.

Banks were owed $268 000, workers $192 000 and other government-related institutions $223 000, document indicates. According to the documents, the owner of the company is listed as Dr Makoni.

In an interview with Southern Eye Business on Friday, PNA Chartered Association partner, Thamsanqa Siwela, said they were disposing the company’s assets valued at $317 956 to raise an amount needed to pay creditors.

He, however, said their main aim was to get someone who could buy the company as a whole rather than to strip its assets.

“We are disposing company’s assets valued at $317 956 to raise money for creditors and it would be fine if we could get someone willing to buy the company as a whole rather than to strip its assets,” Siwela said.

“We have received many tenders from Bulawayo and Harare, and some of them wishing to buy assets and some to buy the company.”

He said sometimes they were facing difficulties in finding suitable investors for other companies because their assets or buildings would be depleted or having taken by creditors.

Siwela said most liquidated companies needed restructuring for survival, but the problem was that restructuring took time to complete.

The liquidations expert said companies should invest in equipment if they are to compete with international companies.

He said Bulawayo was far from dying, adding that the second-largest city was open for business.

Bulawayo mayor Martin Moyo once said it was a myth that Bulawayo, the country’s industrial hub, was dying because it was actively courting new investment.

As of July last year, more than 20 companies in Bulawayo were put under judicial management while more than 10 others were facing liquidation.