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The life of The Post Newspaper Limited (in Liquidation) is now terminated and has come to an end and ceases to exist.
This follows the High Court judgment on Friday when it officially closed and wound-up for failure to pay its debts as they fell due with no possibility of being rescued of rehabilitated.
Post Newspaper Ltd Liquidation Operations Director Robert Chalinga has told journalists in Lusaka that the High Court also confirmed provisional liquidator Lewis Mosho as the full liquidator from now onwards, and that he should exercise all the duties and powers of a liquidator including the dissolution of the company.
Mr. Chalinga explains that upon review of the assets against liabilities of the company from the available information it was found that the assets whose value was US$1 million were far much less than liabilities which stood at about US$16 million.
He furthermore explains that this figure of liabilities does not include employee emoluments due and payable to the former employees saying quiet clearly the company was unable to pay its debt.
Mr. Chalinga says as per winding up the order of the court, his office has proceeded to sell off the assets available to pay the creditors adding that the priority of payment will the priority set out under the Companies Act.
He discloses that the first payment will be made to secured creditors, followed by the employee and thirdly to the Zambia Revenue Authority.
Mr. Chalinga also laments that the initial efforts of the liquidator to resuscitate the Post Newspaper Ltd was to a larger extent frustrated by some shareholders.
QFM
