Johnson Progress

OK Zimbabwe Limited, a cornerstone of the nation’s retail sector for decades, has been placed under formal corporate rescue proceedings, the company announced this week.

 

The board’s decision, formalised on 23 February 2026, triggers a statutory process aimed at rehabilitating the beleaguered retailer and staving off potential liquidation.

 

In an official notice dated 25 February 2026, the company confirmed that its board had resolved to commence voluntary proceedings in terms of Section 122 of the Insolvency Act [Chapter 6:09].

 

The notice, issued by Wintertons Legal Practitioners signals a dramatic turn of events for one of Zimbabwe’s most iconic supermarket chains.

 

Confirming the legal trigger for the process, the notice stated that the board adopted a resolution on 23 February 2026.

 

This resolution was passed specifically in terms of Section 122 of the Insolvency Act, which provides the legislative framework for a company to voluntarily seek protection from its creditors while it attempts to restructure.

 

To lead this critical phase, the board has appointed a seasoned professional to oversee the company’s affairs.

 

The official communication named Mr Bulisa Phillimon Mbano as the Corporate Rescue Practitioner, entrusting him with the substantial task of developing and implementing a rescue plan.

 

The procedural steps required by law have already been set in motion.

 

According to the notice, the formal filing of the resolution to commence these voluntary proceedings, as contemplated in Section 122(2)(b) of the Act, was completed on 24 February 2026.

 

This filing was made with both the Master of the High Court and the Registrar of Companies, marking the official commencement of the process.

 

Consequently, the effective date of the corporate rescue proceedings, in terms of Section 125(1)(a)(i), is now recorded as 24 February 2026.

 

Explaining the company’s immediate obligation to stakeholders, the notice confirmed that it was delivered by email to all known affected persons.

 

This extensive list includes the company’s creditors, employees, any relevant trade unions, and its shareholders.

 

In addition to this direct communication, the notice was also displayed at the company’s registered office and its principal place of business, and was published on the company’s website to ensure maximum transparency.

 

Providing further detail on the mandatory disclosure requirements, the notice highlighted the publication of a sworn statement.

 

In compliance with Section 122(3)(a) of the Insolvency Act, the board’s resolution was published alongside a sworn statement that outlines the key facts underpinning the board’s decision to seek insolvency protection.

 

The appointment of the rescue practitioner has also been formally cemented.

 

The notice added that a further document confirming Mr Mbano’s role was filed with the Master of the High Court and the Registrar of Companies on 25 February 2026, in line with Section 122(4)(a).

 

This finalises his authority to manage the company’s operations and finances during this period.

 

The development places the retailer, once counted among Zimbabwe’s dominant supermarket operators, under formal insolvency protection.

 

With this transition, control of the restructuring process now vests in the appointed practitioner, who must operate under the strict statutory framework governing corporate rescue proceedings in a bid to return the company to solvency.