Walter and Tendai Magaya Face Estate Liquidation Over US$420K Debt to GetBucks Bank

GetBucks Microfinance Bank Limited has taken legal action against Prophetic Healing and Deliverance (PHD) Ministries leader Walter Magaya and his wife, Tendai Magaya, seeking to liquidate their personal estates over a longstanding debt amounting to US$420,140.72. The bank filed an application in the High Court of Zimbabwe’s Commercial Division, requesting an order to declare the couple insolvent under Section 6 of the Insolvency Act (Chapter 6:07).

This follows a judgment issued on October 9, 2024, ordering Walter Magaya, Tendai Magaya, and their company, Planet Africa (Private) Limited, to repay the debt with 10% monthly interest from September 11, 2024, until the amount is fully paid. Despite the court ruling, GetBucks alleges that all attempts to recover the funds have been unsuccessful.

According to court documents, movable assets at the Magayas’ residence were attached but later released after an interpleader claim by the Trustees of The Walter Magaya Family Trust. Likewise, items at Planet Africa’s premises were claimed by PHD Ministries, complicating the bank’s efforts to recover the debt through asset seizure.

The bank also stated that immovable property belonging to the principal debtor—a 3.2323-hectare piece of land in Salisbury—was declared specially executable and scheduled for auction on March 28, 2025. However, that sale was halted when Planet Africa voluntarily entered corporate rescue proceedings, effectively stalling recovery efforts once again.

In its High Court application, GetBucks claims that the Magayas have no known assets and that all legal avenues to execute the judgment have been exhausted or deliberately frustrated. The bank argues that the couple’s liabilities exceed their assets, and that statutory demands for payment were served but ignored. A nulla bona return from the Sheriff of the High Court—indicating no attachable property—has also been issued.

To lead the proposed liquidation process, GetBucks has nominated Noreen Chikaka of Reign Management Consultancy (Private) Limited, citing her experience in handling similar matters. The bank believes the liquidation will benefit not only itself but also any other creditors with claims against the Magayas.

The application further contends that Walter and Tendai Magaya may attempt to flee the country to avoid their financial obligations, and therefore seeks a court order compelling the couple to surrender their passports. The bank argued that since the Magayas have no declared income or assets, they have no reason to require travel documents.

“Liquidation is in the interest of the creditors as it curbs accrual of further debts by the respondents to the prejudice of the current creditors,” the application reads. “Liquidation proceedings will also compel the respondents to furnish the liquidator with information relating to their financial affairs which they have kept in secrecy to prejudice the applicant.”

The case is expected to be heard in the High Court on Wednesday. If granted, the liquidation order could open up an investigation into the Magayas’ personal and business financial dealings, shedding light on assets that may have been concealed or transferred under trust arrangements.

This development adds to a growing list of legal and financial challenges facing Prophet Magaya, a high-profile religious leader in Zimbabwe. The outcome of the case may set a precedent for future debt recovery actions involving high-profile individuals in the country.