Prominent preacher and founder of the Prophetic Healing and Deliverance (PHD) Ministries, Walter Magaya, along with his wife Tendai, is facing potential liquidation of personal assets after failing to settle a debt of ove US$420,000 owed to GetBucks Microfinance Bank Limited.
The microfinance institution has filed an application with the Commercial Division of the High Court of Zimbabwe, invoking Section 6 of the Insolvency Act [Chapter 6:07], seeking the liquidation of the Magayas’ personal estates.
The bank argues the couple has failed to honour a court judgment issued in October 2024, which ordered them, along with their company Planet Africa (Private) Limited, to repay US$420,140.72, plus 10% monthly interest from September 11, 2024.
According to the court filings, GetBucks claims that repeated attempts to enforce the ruling and recover the debt have been unsuccessful.
Assets seized from the couple’s residence were later released after The Walter Magaya Family Trust lodged a successful interpleader.
Similarly, property at the offices of Planet Africa was reclaimed by PHD Ministries, the church led by Magaya.
Additionally, the bank revealed that a 3.23-hectare plot of land registered under Deed of Transfer 4076/2018 had been approved for sale to offset the debt.
However, this move was thwarted when Planet Africa entered voluntary corporate rescue proceedings just ahead of the scheduled sale on March 28, 2025.
With no other recoverable assets identified and statutory demands reportedly ignored, the bank is now pushing for liquidation, asserting that the Magayas are effectively insolvent.
A nulla bona return from the Sheriff indicating no attachable property further strengthens GetBucks’ claim that the couple lacks the means to pay.
In its application, the bank proposes that Noreen Chikaka of Reign Management Consultancy be appointed as the liquidator, citing her expertise in insolvency management.
GetBucks contends that liquidation is in the best interest of all creditors, arguing it would halt further financial losses and force full disclosure of the Magayas’ financial dealings, which they believe are being concealed.
The application also includes a request for the court to order the surrender of both Walter and Tendai Magaya’s passports.
The bank argues that the couple poses a flight risk given their alleged insolvency and lack of disclosed assets.
“They have no need for travel documents if they are truly insolvent,” the filing states. “Requiring them to surrender their passports ensures they remain within the court’s jurisdiction.”
The matter is scheduled for hearing before the High Court on Wednesday.
