Eric Bloch estate insolvent, says lawyer

A BULAWAYO lawyer has approached the High Court seeking a provisional order for liquidation of the estate of the late economist and former Reserve Bank of Zimbabwe (RBZ) adviser Dr Eric Walter Bloch.

Mr Pineas Madzivire of Joel Pincus, Konson and Wolhuter Legal Practitioners, filed an application at the Bulawayo High Court seeking an order declaring H & E Bloch and Company Chartered Accountants insolvent in terms of section 48 0f the Administration of Estates Act as read with Section 4 of the Insolvency Act.

The estate has no immovable assets.

However, there is $78 000 which is an inheritance from his wife Baileh Thelma Bloch who is also late.

Mr Madzivire wants an interim order placing the estate of Dr Bloch under DRB83/15 under provisional liquidation.

He also wants his colleague, Mr Austin Sibanda to be appointed the provisional liquidator of the estate upon completion of a bond of security and subsequently take over the management of Dr Bloch's estate.

In his founding affidavit, Mr Madzivire said Dr Bloch's company doesn't have known debtors, but it has creditors whose claims exceed its assets.

"I submit that the deceased's estate is insolvent thus the court should make an order for its liquidation as it will be to the advantage of creditors," he said.

H & E Bloch and Company Chartered Accountants' liabilities stand at $261 610,79 against assets at $78 000, thus making it insolvent.

The company also owed its employees $52 000 in salaries dating back to 2010. Dr Bloch was a renowned Bulawayo based economist and social commentator. He died in September 2014 at the age of 75.