OK Zimbabwe Limited has officially entered corporate rescue proceedings, with Bulisa Phillimon Mbano appointed as the company’s Corporate Rescue Practitioner, legal representatives Wintertons Legal Practitioners announced, yesterday, on behalf of the Board of Directors.
In a notice addressed to all affected persons, yesterday, Wintertons Legal Practitioners stated that the Board had “voluntarily resolved to commence corporate rescue proceedings and to appoint Bulisa Phillimon Mbano as the Corporate Rescue Practitioner.
The accompanying notice and supporting documents were filed with the Master of the High Court and the Registrar of Companies on 24 February 2026,” they added.
The notice confirmed that the “Effective Date,” marking the formal start of corporate rescue proceedings under Section 125(1)(a)(i) of the Insolvency Act, is 24 February, 2026.
“In accordance with Section 122(3)(a) of the Insolvency Act, the company published the board resolution and a sworn statement of facts underpinning the decision to enter corporate rescue. These documents are published herewith for the information of all known affected persons,” Wintertons Legal Practitioners stated.
The appointment of Mbano was formalized with a notice filed on 25 February, 2026 with the Master of the High Court and the Registrar of Companies, complying with Section 122(4)(a) of the Insolvency Act.
Corporate rescue proceedings allow companies facing financial distress to restructure under the supervision of a qualified practitioner while protecting creditors’ and stakeholders’ interests. OK Zimbabwe Limited emphasized that the voluntary decision seeks to safeguard business continuity and employment.
“The board is committed to ensuring full transparency and compliance throughout the corporate rescue process.
The appointment of a qualified Corporate Rescue Practitioner demonstrates our dedication to managing this process professionally and in accordance with the law,” Wintertons Legal Practitioners added.
Analysts welcomed the move, noting it as a proactive step to preserve value.
“Entering corporate rescue at an early stage shows strong corporate governance. It gives the company a clear path to restructure and safeguard both jobs and operations,” said Mr Tawanda Chikukwa, an economist with Harare-based Econ Insights.
Another analyst, Ms Patricia Moyo of Apex Business Advisory, added, “Corporate rescue provides a framework that allows OK Zimbabwe to stabilise its financial position while protecting creditors’ interests. It’s a positive signal for investors and the broader retail sector.”
Corporate rescue under Zimbabwe’s Insolvency Act (Chapter 6:09) provides a legal mechanism for financially distressed companies to restructure, preserve value, protect jobs, and meet obligations to creditors while seeking long-term viability.
OK Zimbabwe Limited, registered under corporate number 118/1953, joins other firms that have used corporate rescue to stabilise operations and secure their future.
