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Commercial Registry - 2022 May

2 judgments
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2 judgments
May 2022
Innovative Material Systems Division of Liquid Waste Technology LCC v Herpworth Suppliers Limited and Anor (2019/HPC/0218) [2022] ZMHC 38 (31 May 2022)
Whether directors may be made personally liable and their property charged after dissipating company funds—court pierced veil and ordered charges.
  • Company law — Lifting the corporate veil under Section 175(1) Corporate Insolvency Act — directors held personally liable where company business carried on to defraud creditors; Tracing and mixed funds (Diplock) — identifiable transfers to directors; Charging orders (Order 50 RSC) — prerequisites met for directors’ assets; Non‑party recipients — cannot be charged absent joinder and hearing.
31 May 2022
Betternow Finance Company Limited T/A Inde Credit Company Limited v Emergency Response Zambia Limited and Ors (2021/HKC/019) [2022] ZMHC 27 (17 May 2022)
Loan secured by surrendered title deed created an equitable mortgage; third-party non-payment did not frustrate borrower’s repayment obligation.
  • Commercial law — invoice discounting facility — security by deed of assignment, surrender of title and director guarantees — equitable mortgage created by deposit of certificate of title; Contract law — frustration — clause "though not limited to" receivables preserves alternative repayment obligations; Remedies — judgment for debt, interest, possession, foreclosure and guarantor liability.
17 May 2022