A consent judgment, delivered in the Lusaka High Court on 22 May 2019, read as follows; BY

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Question:

A consent judgment, delivered in the Lusaka High Court on 22 May 2019, read as follows; BY CONSENT of the parties, it is hereby agreed and adjudged as follows:

1. That the Respondent (Tip-top Newspaper Ltd) having its liabilities far much exceeding the value of its assets and having been unable to pay its debts as they fall due as per attached statement and (a) With no reasonable prospects of being rescued or rehabilitated and howsoever having been shown and /or (b) No reasonable grounds having been shown to oppose the winding up petition BE and is HEREBY declared insolvent and wound up.

2. The Provisional Liquidator, B.B. Flamboyant of Lusaka BE and is HEREBY confirmed as the Liquidator of the Respondent and shall exercise all the functions of the Liquidator. Date at Lusaka the 22nd day of May 2019 Job Lingai, High Court Judge.

REQUIRED

(a) Identify and explain the subject matter before the court and persons who have the legal standing to file the matter before the court.

(b) Explain how employees of the Respondent affected by the court decision may be treated by the end of this business if they are owed money.