Fast Food Empire’s Downfall: Eat n Lick Surrenders Property in US$65,000 Debt Battle with Zatex Investments
Fast food chain Eat n Lick is at risk of losing its property as it struggles to settle a debt of US$65,000 owed to Zatex Investments, a local firm.
The Debt Battle Begins
Zatex Investments, represented by lawyer Edwin Hamunakwadi of Hamunakwadi and Nyandoro Law Chamber, took legal action against Eat n Lick’s parent company, Golden Crust Private Limited, after the food outlet failed to honor their payment agreement.
Court Ruling in Favor of Zatex
High Court Judge Justice Manzunzu issued an order on July 24. Manzunzu instructing Golden Crust Private Limited to pay the outstanding debt of US$65,000 to Zatex Investments.
Eat n Lick managed to make a partial payment of US$20,000, leaving a remaining balance of US$45,000. Unsatisfied with the partial payment, Zatex Investments returned to the courts seeking further resolution.
Property Seizure Imminent
As a result of their legal action, Zatex Investments obtained a writ of execution against Eat n Lick’s property. The Sheriff has been ordered to seize and attach the fast food outlet’s assets, reported 263Chat.
The Writ of Execution
The official writ states, “You are required and directed to attach and take into execution the movable goods of GOLDEN CRUST (PRIVATE) LIMITED t/a Eat n’ Lick the abovementioned defendant, of 177 Chinhoyi Street, Harare and of the same to cause to be realised the sum of sixty five thousand united states dollars (US$65 000.00) together with interest thereon at the prescribed rate from the date of issue of the summons to the date of full payment, which it recovered by judgment of this Court on the 24h day of July 2023 in the above-mentioned suit, and also all other costs and charges of the said plaintiff in the said suit to be hereafter taxed according to law, besides all your costs thereby incurred and further to pay to the said plaintiff or its legal practitioners the sum or sums due to them with costs as above mentioned.”
Conclusion
Eat n Lick now faces the dire consequences of their financial obligations as Zatex Investments seeks to recover the outstanding debt through the seizure of their property. The future of the fast food outlet hangs in the balance as the legal battle unfolds.
