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I have not failed to pay debt, Maureen tells Court

FORMER First Lady Maureen Mwanawasa has described as untrue, claims by Finance Bank Zambia that she has failed to pay back the more than K6 million debt and has asked the Lusaka High Court to set aside the bankruptcy petition against her.

Ms Mwanawasa stated that Finance bank has already an active case before the High Court under cause no. 2021/HP//0249 where the bank is seeking to sell her properties to recover the same debt.
“That allowing the applicant to continue with the creditor’s bankruptcy petition when another application where they seek to sell the properties of the respondent to recover the same debt will not be in the interest of justice as there is a likelihood for the applicant to recover the debts without resorting to the creditor’s bankruptcy petition,” she stated.

She stated that the bank’s failure to inform the court about the pending hearing of their application for the sale of her properties has the potential of misleading it to believe that the bankruptcy proceedings are necessary when in fact not.

“That under the circumstances , I crave the indulgence of this honourable court to set aside the creditor’s bankruptcy petition as it has not been established that the respondent has completely failed to satisfy the debts with their properties that stand charged,” she stated.
Ms Mwanawasa accused Finance bank of introducing duplicity and multiplicity of actions by the proceedings in the bankruptcy petition when there are active proceedings in the same court.

In this matter, Finance bank filed a Creditor’s Bankruptcy petition in the Lusaka High Court following the former First Lady’s inability to settle K6, 753, 546.76 and K892, 831.99 together with costs in the sum of US$25,000.
The bank contended that Ms Mwanawas has no reasonable prospects of being able to pay the said amount, thus should be declared bankrupt.

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