Assignment Name:

RECEIVER MANAGER - POSTNET LIMITED

Country: Zambia

Location within Country: Lusaka. Livingstone

Professional Staff Provided by your Firm/Entity(Profiles): Accountants

Name Of Client: Cavmont Bank Zorniya Limited

No of Staff:2

Address: P.O. Box 38474. Lusaka

Duration of Assignment: 3 months

Start Date(Month/Vear) May 2004

Completion Date (Month/Year)July. 2004

Approx. Value of Services (in Current USS) USS 10.000

Name of Senior Staff (Project Director/Co-ordinator, Team Leader) involved and functions
performed: Chintu Mulendema


The Receiver Manager performed the following:

- Established the Charge Form (debenture). who signed it and what powers are included in it: Established the financial status of Postnet Limited.
- Established the existence. condition and location of the assets charged under the Debenture:

Ascertained whether there are other creditors who may have priority rights over the assets of the company charged under the Debenture. Carried out a valuation of the Assets so established above:
- Disposed of assets under the Debenture and apply the realizations towards the satisfaction of the debt.

Narrative Description of Assignment

Appointed by Cavmont Bank Zambia Limited to recover a loan in the sum of USS150.000 (One hundred and fifty thousand United States dollars).

One of the key objectives of the receivership is the fact that the Lender appointed the Receiver Manager to take care of things until the obligations are settled.

This involves running the company on a day to day basis and ensuring that the loan repayments are made to satisfy the loan.

If the company is not able to satisfy the loan in due time. the assets charged under the charge document will had to be disposed off in this regard.