OK Zimbabwe Limited has formally entered voluntary corporate rescue proceedings following a board resolution adopted on 23 February 2026. The move was made in terms of Section 122 of the Insolvency Act [Chapter 6:09], marking a significant development for one of the country’s major retail companies.
A formal notice dated 25 February 2026 was issued by Wintertons Legal Practitioners to all known affected persons, including creditors, employees, trade unions and shareholders. According to the notice, the company filed its resolution with the Master of the High Court and the Registrar of Companies on 24 February 2026. The effective date of the corporate rescue process is 24 February 2026.
The board has appointed Mr Bulisa Phillimon Mbano as the Corporate Rescue Practitioner to oversee the process. Confirmation of his appointment was filed with the Master of the High Court and the Registrar of Companies on 25 February 2026, in compliance with Section 122(4)(a) of the Insolvency Act.
In its communication to affected parties, OK Zimbabwe stated that the resolution was adopted in accordance with the provisions of the Insolvency Act and that the company had voluntarily commenced corporate rescue proceedings. Supporting documents circulated with the notice include the official board resolution and a sworn statement outlining the factual grounds on which the decision was based.
Corporate rescue proceedings are designed to facilitate the restructuring of financially distressed companies, with the aim of restoring viability or achieving a better outcome for creditors and stakeholders than immediate liquidation. Further updates are expected as the appointed practitioner begins engaging with stakeholders and outlines the way forward.
