Copyright zimeye
One of the country’s telecommunications firms, Telecel Zimbabwe, has been placed under voluntary corporate rescue. The decision was made by the company’s board of directors last Wednesday and took effect on Monday. “Take note that on the 22nd of October 2025, the Board of Directors of Telecel Zimbabwe (Private) Limited (‘the Company’) passed a resolution to place the Company under voluntary corporate rescue in terms of section 122 of the Insolvency Act [Chapter 6:07] (‘the Act’). “Such resolution was duly filed with the Master of the High Court and the Registrar of Companies and took effect on the 27th of October 2025,” reads part of the notice. The notice further advises that “All stakeholders, including but not limited to employees, customers, suppliers, creditors and shareholders, are hereby informed of this development. “The corporate rescue process is designed to rehabilitate the company and does not signify an intention to liquidate.” Stakeholders were also advised that,”Further take note that, in terms of Section 126 of the Act, a general moratorium on all legal proceedings against the company, or in relation to any property belonging to the company, is now in effect, unless otherwise provided by the Act.” Corporate rescue also known as business rescue or judicial management forms part of Government’s broader strategy to rehabilitate distressed but economically significant companies. It is governed by the Insolvency Act, which replaced the old Companies Act [Chapter 24:03]. The model has become an increasingly preferred intervention to safeguard key national assets, preserve jobs and sustain productivity across various sectors of the economy.
