By Judith Matanire
One of Zimbabwe’s leading supermarket chains, OK Zimbabwe Limited, has formally commenced voluntary corporate rescue proceedings after its board resolved to seek protection under the Insolvency Act.
A notice issued on 25 February 2026 by Wintertons Legal Practitioners confirmed that the resolution was adopted on 23 February 2026 and subsequently filed with the Master of the High Court and the Registrar of Companies on 24 February 2026. The proceedings are effective from 24 February 2026 in terms of Section 122 of the Insolvency Act [Chapter 6:09].
The board appointed Bulisa Phillimon Mbano as Corporate Rescue Practitioner to oversee the process. Confirmation of his appointment was filed on 25 February 2026 in line with statutory requirements.
According to the notice circulated to creditors, employees, trade unions and shareholders, the company voluntarily initiated the rescue process and submitted supporting documentation, including the board resolution and a sworn statement detailing the basis for the decision.
Corporate rescue proceedings are intended to give financially distressed companies breathing space from creditor claims while an independent practitioner assesses the viability of the business and prepares a recovery plan. The practitioner will engage affected stakeholders before tabling a proposal for approval.
The development marks a critical phase for the retail group, with the outcome of the rescue process set to determine whether the business can restructure and continue operations or face possible liquidation.
