BORDER Timbers has exited judicial management after its shareholders approved settlement terms for an apportionment of awards issued to the company and its associates in 2015 through an arbitration, a matter that had delayed the lifting of its administration.
In a statement on Tuesday, Border Timbers said the High Court had cancelled the company’s judicial management order.
“Notice is hereby given that the order of the High Court of Zimbabwe under Case No. HC35/15 which placed Border Timbers under Final Judicial Management on March 2, 2016 was cancelled by the High Court of Zimbabwe on 9 March 2022 after the successful turnaround of the company by the judicial manager, Mr Peter Lewis Bailey,” Border Timbers’ company secretary Munesh Narotam said.
The company was placed under judicial management in January 2015.
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