The judgment
debtors — Mr William Mukuwapasi and his wife, Mrs Edith Mukuwapasi — failed to
settle a debt owed to the financial institution, resulting in the attachment of
the academy’s 795 667 square-metre property.
The property,
located at Plot 16 and Plot 18 of Nyamazi in Nyanga, is now open to private
treaty offers for sale as per the order issued under case numbers SH1170/25 and
HCHC43/24.
Knowstics
Academy was placed under corporate rescue since late 2024 to revive its
operations, and possibly shield it from liquidation.
However, the
arrangement was terminated two months ago, stripping the institution of any
protection from creditors.
Resultantly, it
gave the likes of GetBucks Microfinance Bank Limited the power to pursue the
matter further.
The development
has left many parents, learners, and staff anxious about the school’s future,
and concerns are being raised about the fate of learners, particularly those
preparing for the Zimbabwe School Examinations Council (ZIMSEC) and Cambridge
Ordinary and Advanced Level examinations.
The
examinations have already commenced with practicals, and the written papers for
other subjects are scheduled to start next month.
Early this
year, Government had to intervene to resolve a standoff between Knowstics
Academy and the British Council of Zimbabwe that had left over 40 learners in a
limbo after their Cambridge Ordinary Level results had been withheld over
non-remittance of US$41 272 in examination fees by the school’s former
management.
Knowstics
Academy O-Level candidates had reportedly registered for an average of 10
subjects, with each Science subject costing US$136 and other subjects being
charged US$122 each.
The results
scandal came barely a month after Knowstics Academy was placed under corporate
rescue in a bid to revamp its operations and restore its reputation.
While the
school had expected the results to be released then, the British Council of
Zimbabwe, on the other hand, cited a breach of contract and vowed not to do so
until the learning institution paid the balance of US$22 000.
In an
interview, corporate rescue practitioner, Mr Budhama Chikamhi, who oversaw the
corporate rescue process from November last year, said his mandate ceased when
the school was removed from corporate rescue.
“As of now, I
am not aware of anything related to the operational status of Knowstics
Academy, as it was removed from corporate rescue about two months ago. I am no
longer involved in their affairs, and do not have access to information
regarding their current situation,” he said, without shedding light on why the
school was removed from corporate rescue.
However,
factors such as failure to meet restructuring milestones, inability to settle
debts, lack of funding or investment, poor governance or management,
insurmountable financial difficulties, non-compliance with regulatory
requirements, and creditor opposition, among others, may lead to removal from
corporate rescue.
Mr Chikamhi
confirmed, however, that when he exited, examination classes had already
registered, and were expected to sit their exams as scheduled.
The corporate
rescue framework is designed to suspend writs of execution, providing
distressed companies or institutions with breathing space to recover. In the
case of Knowstics Academy, the termination of the rescue process opened the
door for the micro-finance bank to pursue liquidation through the courts.
In a separate
interview, Director of Communications and Advocacy in the Ministry of Primary
and Secondary Education Mr Taungana Ndoro on Wednesday said the ministry had
not received reports of any disruptions to examinations at the institution.
“We have not
yet received any information suggesting that examination classes may not be
able to sit their examinations at the school. Although the school has been put
up for sale, it is possible that the sale process may be completed after the
sitting of the examinations, in which case no one will be affected,” said Mr
Ndoro.
Mr Ndoro
emphasised that the ministry will continue to monitor the situation at the
school closely to safeguard the interests of learners and parents.
Repeated
attempts to obtain a comment from one of the directors, Mrs Edith Mukuwapasi,
were unsuccessful, as her phone remained unreachable.
In an advert
recently flighted by Realty World Estate Agents on behalf of the Sheriff of the
High Court, prospective bidders were informed of the conditions of sale.
Interested
buyers were advised that they have until October 10, 2025 to submit their bids.
Manica Post
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