Company Insolvency Tanzania: Winding Up, Creditors and Directors
What happens when a Tanzanian company cannot pay its debts? On the Mainland, the Companies Act, Cap. 212 R.E. 2023 governs. A creditor can serve a statutory demand and, after 21 days unpaid, petition the High Court to wind the company up. The court usually appoints the Official Receiver, the Administrator General at RITA, as provisional liquidator. Secured, preferential and unsecured creditors are then paid in rank.
Company insolvency Tanzania rules for the Mainland sit inside the Companies Act, not in a separate insolvency statute. That surprises many readers, because older articles cite an "Insolvency Act". This guide explains the test for insolvency, the court route, the rescue options, the ranking of creditors, the risks for directors and staff, and the BRELA filings.
It is written for company owners, directors, finance teams and creditors. If the company is solvent and the members want to close it, read our guide to members' voluntary winding up instead.
What the law says
Corporate insolvency on the Mainland is governed by the Companies Act, Cap. 212 R.E. 2023, published by BRELA. Five Parts carry the rules:
- Part VI (ss.238 to 242): insolvency practitioners and office-holders.
- Part VII (ss.243 to 269): company voluntary arrangements and administration orders.
- Part VIII (ss.270 to 408): winding up by the court, voluntary winding up, ranking of claims, antecedent transactions, offences and directors' liability.
- Part IX (ss.409 to 427): receivers, managers and administrative receivers.
- Part XI (ss.429 to 436): winding up of unregistered and foreign companies.
Some articles cite an "Insolvency Act, Cap. 6". Cap. 6 is the Evidence Act, not an insolvency law. Individual insolvency sits in the Bankruptcy Act, Cap. 25 R.E. 2023, published by the Office of the Attorney General. Section 369 of the Companies Act applies bankruptcy rules within a company winding up.
A numbering warning applies. Court rulings and most articles still cite the 2002 numbering, read in the TanzLII consolidation as at 1 July 2016. In this Part, R.E. 2023 numbers run three higher. The inability-to-pay test was section 280 and is now section 283. Preferential debts moved from section 367 to section 370.
Who should read this
- Directors of a company that is missing payroll, tax or supplier payments.
- Creditors owed money by a company that has stopped paying.
- Banks and lenders holding a charge over company assets.
- Employees and HR teams facing a closure.
- Foreign parents of a Tanzanian subsidiary or branch.
- Groups trading in both Mainland Tanzania and Zanzibar.
When is a company unable to pay its debts?
Section 282 lists the grounds on which the High Court may wind a company up. Inability to pay debts is the ground creditors use. Section 283 defines it. Two 2024 High Court rulings quote the operative words of the 2002 text. In Elite Career Choices (T) Limited (21 May 2024), the court set out four deemed cases:
| Limb | Test | What the creditor proves |
|---|---|---|
| Statutory demand | Debt "exceeding fifty thousand shillings", written demand, 21 days unpaid | Service of the demand and non-payment |
| Unsatisfied execution | Execution on a judgment returned unsatisfied in whole or in part | The court return |
| Cash-flow test | Unable to pay its debts as they fall due | Evidence of missed payments |
| Balance-sheet test | Assets worth less than liabilities | Accounts or valuation evidence |
BRELA prints the demand as Form 283, "Statutory Demand", in the Companies (Forms) (Amendment) Rules, 2026, GN 82. The form warns that the company has 21 days after service before a petition may follow. The form itself states no money threshold.
The TZS 50,000 figure comes from the 2002 text as quoted by the courts. The Act lets the Minister prescribe another amount by regulation. We found no such regulation, so treat the figure as one to confirm.
A disputed debt is not enough
In New Rainbow Africa Limited v Halais Pro-Cheme Industries (25 June 2024), the High Court dismissed a petition. The debt was disputed, so the petitioner had not shown it was a creditor. The court said such a claim belongs in a normal suit. It also required proof of commercial insolvency, meaning the company cannot meet its day-to-day liabilities. Our guide to debt recovery before litigation covers the softer routes first.
How does a creditor petition for compulsory winding up?
Compulsory winding up is a High Court process. The petition is drafted, sworn, filed and argued by an advocate. Section 284 sets out who may apply. The 2024 rulings quote it as including the company, any creditor (including contingent or prospective creditors) and contributories. A secondary summary by Dar State Attorneys adds the Attorney General and an administrator.
GN 82 of 2026 prescribes the court papers:
- Form 284a, the winding-up petition, headed "In the matter of the Companies Act, Cap. 212 [R.E. 2023]".
- Form 284b, the affidavit verifying the petition.
- Form 284c, the affidavit of service.
- Form 284d, the advertisement of the petition.
- Form 284e, a certificate of compliance with the Companies (Insolvency) Rules, 2004.
Section 287 can void dispositions of company property made after the winding up commences, and section 288 deals with attachments. Section 289 fixes when a court winding up commences. Section 291 stays actions once the order is made. Section 290 requires a copy of the order to reach the Registrar.
The court has discretion. In Elite Career Choices it wound the company up where debts exceeded TZS 2 billion, including NSSF, WCF, NHIF, TRA and unpaid salaries. In New Rainbow it refused. The outcome turns on evidence.
What does the Official Receiver do?
The Official Receiver for the Mainland is the Administrator General, an office within the Registration, Insolvency and Trusteeship Agency (RITA). RITA's company liquidation page describes the sequence. Interested parties petition the court. The court appoints the Official Receiver as provisional liquidator. The Official Receiver then acts under the Companies Act and the insolvency rules.
RITA's bankruptcy page confirms that "the Administrator General is the Official Receiver" for personal bankruptcy too. The Bankruptcy Act names the Administrator-General in the same role.
The Companies Act provisions are sections 293 to 296. They cover the Official Receiver's office, appointment by the court, the directors' statement of affairs (Form 295) and the Official Receiver's report. The court may later appoint another liquidator under sections 297 to 300. In Elite Career Choices it appointed a named private official liquidator. Liquidators must be insolvency practitioners under section 239.
Directors must cooperate. They prepare the statement of affairs, hand over books and attend meetings. Section 328 allows public examination of officers, and section 329 deals with absconding.
Can the company be rescued instead?
The Act offers three alternatives to liquidation. Each needs early advice, because creditors can still petition while talks run.
| Route | Sections | Who starts it | BRELA form |
|---|---|---|---|
| Company voluntary arrangement | ss.243 to 249 | Directors, administrator or liquidator propose; creditors and members vote | Not located in GN 82 |
| Administration order | ss.250 to 269 | Application to the High Court | Forms 263, 264 and 266 |
| Receivership | ss.409 to 427 | A charge holder under its security, or the court | Forms 109a and 109b |
Administration
Section 250 gives the court power to make an administration order. Sections 252 and 253 deal with the effect of the application and of the order. The administrator files a statement of affairs (Form 263) and proposals (Form 264) for a creditors' meeting under section 265. Lawworldwide describes administration as a court-appointed manager running the company as an alternative to liquidation. We could not read the operative text on the moratorium, so its scope is a point to confirm.
Receivership
A lender with a debenture may appoint a receiver over charged assets. The receiver files Form 109a with BRELA on appointment and Form 109b on ceasing to act. Section 98 matters here. Where a receiver takes possession under a floating charge and the company is not being wound up, preferential debts are paid first out of those assets. Our guide to registration of charges explains why an unregistered charge fails against a liquidator.
The Tax Administration Act, Cap. 438 adds a TRA step. Its section on receivers (s.77 in the R.E. 2023 arrangement) requires notice to the Commissioner General. KG&P report a 14-day limit and a power for TRA to require money to be set aside for tax.
Creditors' or members' voluntary winding up: which applies?
A voluntary winding up starts with a members' resolution under section 336. The type depends on solvency. If the directors swear a declaration of solvency under section 341 (Form 341), it is a members' winding up. If they cannot, it is a creditors' winding up under sections 350 to 358.
| Point | Members' voluntary | Creditors' voluntary |
|---|---|---|
| Solvency | Debts payable in full | Company insolvent |
| Who controls | Members appoint the liquidator | Creditors' meeting under s.351; liquidator appointed under s.352 |
| Directors' powers | Governed by s.339 and the resolution | Cesser of powers under s.352 |
| Committee | No committee section in this Chapter | Committee of inspection under s.353 |
| Final return | Form 348 | Form 358 |
A members' winding up that proves insolvent converts. Section 346 requires the liquidator to call a creditors' meeting. A false declaration of solvency exposes the directors. The solvent route is set out in our voluntary winding up guide.
Who gets paid first in a Tanzanian liquidation?
Section 368 allows debts of all descriptions to be proved, on Form 368a. Section 370 makes certain debts preferential. Form 368a asks the creditor to state any preferential category, though it still cites "section 367 of the Companies Act 2002".
| Rank | Claim | Basis | Status |
|---|---|---|---|
| Outside the pool | Fixed-charge holder, from its own security | Charge registered under ss.99 to 109 | Standard position; confirm on the charge |
| 1 | Costs and expenses of the winding up | s.325 lets the court order costs paid out of assets | Exact rank to confirm |
| 2 | Government taxes, local rates, customs and excise due within 12 months | s.370, as reported by KG&P | Verify |
| 2 | Government rents up to one year in arrears | s.370, as reported by KG&P | Verify |
| 2 | Employee wages for four months before the relevant date | s.370, as reported by KG&P | Verify; see ELRA below |
| 3 | Floating-charge holder | s.98 puts preferential debts ahead of floating-charge assets | Settled for receivership; confirm in liquidation |
| 4 | Unsecured creditors, equally | General rule | Verify |
| 5 | Members | Surplus only | Settled |
Two statutes may push claims up. Section 29(6) of the Employment and Labour Relations Act applies "notwithstanding the provisions of any other law on bankruptcy or winding up". It covers remuneration for the 26 weeks before the declaration. That window is longer than the Companies Act's four months. How the two fit together is a question for an advocate.
NSSF relied on section 75 of the NSSF Act in Elite Career Choices. The court ordered the liquidator to give NSSF priority for its claim. We have not read section 75 itself, so its scope is a point to confirm.
TRA is a preferential creditor for recent tax, not a secured one. It can, however, register a charge over assets under section 72 of the Tax Administration Act before insolvency. Our guide to TRA tax debt recovery explains agency notices and seizure.
Are directors personally liable when a company fails?
Limited liability protects shareholders, not directors who keep trading badly. The Act provides several routes to personal liability:
- Wrongful trading, s.387. It applies once the company is in insolvent liquidation. Paul Kibuuka's analysis describes the standard as that of a reasonably diligent person exercising the director's duty of care.
- Fraudulent trading, s.386. Broadly, carrying on business with intent to defraud creditors. It can lead to a fine, imprisonment or both.
- Misfeasance, s.385. A remedy against delinquent directors and liquidators who misapply company money.
- Offences, ss.379 to 384. Fraud in anticipation of winding up, transactions in fraud of creditors, falsified books and failure to keep proper accounts.
- Unwinding transactions, ss.371 to 375. Transactions at an undervalue, preferences and late floating charges can be set aside. The look-back periods sit in s.373; confirm them before relying on a date.
- Tax, s.76 of the Tax Administration Act. Managers of an entity can be personally liable for its unpaid tax in defined cases.
The practical defence is a record. Minute every board decision once insolvency is a risk, take independent advice, and stop taking credit you cannot repay. Our guide to directors' duties sets out the care and good-faith duties that frame these claims.
What happens to employees?
A closure is a termination for operational requirements under section 39 of the Employment and Labour Relations Act. Consultation duties still apply. See our guide to the redundancy procedure.
- Notice, s.42. 28 days for monthly-paid staff after the first month.
- Severance, s.43. At least 7 days' basic wage per completed year, up to ten years, after twelve months' service. Our severance pay guide shows the arithmetic.
- Payment and certificate, s.45. Termination pay and a certificate of service.
- Wage protection, s.29(6). Remuneration for 26 weeks before the declaration.
Two points remain open. We did not confirm whether a winding-up order itself ends contracts of employment. We also did not confirm how severance ranks against other debts. Both belong with an advocate. Disputes go to the CMA; see our guide to labour disputes.
What must be filed with BRELA, and what does it cost?
Each step leaves a filing. GN 82 of 2026 sets the forms, and new filings run on BRELA's online system.
| Register ID | Item | Amount |
|---|---|---|
| F0005 | Each document delivered to BRELA (Forms 109a, 300, 363a, 348, 358 and similar) | TZS 22,000 per document |
| F0006 | Late delivery of any document | TZS 2,500 per month or part |
| F0009 | Perusal of a company's file before petitioning | TZS 5,000 |
| F0010 | Customised search report, useful for checking charges | TZS 30,000 |
| NEW-01-35 | Administering an oath or taking an affidavit in court | TZS 5,000 each |
| NEW-01-28 | Interlocutory or chamber summons application | TZS 50,000 |
| Not in register | High Court filing fee for a winding-up petition | Confirm with the court registry |
These are government charges, paid at the official rate against the authority's control number. They are separate from any professional fee. The amount on the control number governs on the day of payment.
Mainland and Zanzibar: what differs
Cap. 212, BRELA and RITA cover the Mainland only. Zanzibar companies are registered by the Business and Property Registration Agency (BPRA) under the Zanzibar Companies Act No. 15 of 2013. That Act contains a Part on members' voluntary winding up and a floating-charge priority section. For other insolvency terms it refers to "the Insolvency Act" without a number or year.
We could not identify that Zanzibar Insolvency Act. BPRA's list of Acts does not include it. Who acts as official receiver in Zanzibar is therefore unknown. Confirm the governing law, court and office-holder with BPRA and a Zanzibar advocate.
| Item | Mainland | Zanzibar |
|---|---|---|
| Company registry | BRELA | BPRA |
| Company statute | Companies Act, Cap. 212 R.E. 2023 | Companies Act No. 15 of 2013 |
| Insolvency rules | Parts VI to IX of Cap. 212 | An "Insolvency Act", not identified |
| Official receiver | Administrator General, RITA | Unknown |
| Tax creditor | TRA | ZRA for non-union taxes; TRA for union taxes |
| Labour forum | CMA | Zanzibar Labour Commission and Zanzibar labour law |
See our guide to registering with BPRA for the registry split.
Worked example: sharing a TZS 900 million estate
This example is illustrative. The ranks follow the table above, including the verify-tier items, and every figure is invented.
A Dar es Salaam manufacturer is wound up on a creditor's petition. The liquidator realises TZS 900,000,000. A warehouse subject to a registered fixed charge sells for TZS 500,000,000. The bank is owed TZS 620,000,000. Other assets raise TZS 400,000,000.
| Step | Claim | Claimed (TZS) | Paid (TZS) |
|---|---|---|---|
| Fixed charge | Bank, from the warehouse sale | 620,000,000 | 500,000,000 |
| 1 | Costs and expenses of the winding up | 40,000,000 | 40,000,000 |
| 2 | TRA taxes due in the last 12 months | 80,000,000 | 80,000,000 |
| 2 | Wages for the last four months | 60,000,000 | 60,000,000 |
| 4 | Unsecured pool: trade 450m, bank shortfall 120m, older wages 30m | 600,000,000 | 220,000,000 |
| 5 | Shareholders | Nil | 0 |
After costs and preferential debts, TZS 220,000,000 of the TZS 400,000,000 remains. The unsecured creditors share it equally, about 36.7 shillings per 100 owed. The bank recovers TZS 500,000,000 plus about TZS 44,000,000 on its shortfall.
Two changes would move these numbers. If ELRA's 26-week window lifts the older wages into rank 2, staff gain TZS 30,000,000 and the unsecured dividend falls to about 33.3%. If NSSF arrears also take priority, the dividend falls further.
What to do now
- Test solvency on real numbers. Run a 13-week cash-flow forecast and a balance sheet at realisable values.
- Stop new credit you cannot repay. Minute each board decision and the advice behind it, because wrongful trading is judged on what directors knew.
- Search the charges register. Pull the BRELA file (F0009) and confirm which lenders hold registered security.
- Brief an advocate. Petitions, statutory demands, opposition to a petition, administration applications and legal opinions are advocate work.
- Talk to the main creditors. A voluntary arrangement or time-to-pay deal may avoid a petition.
- Protect payroll records. Keep wage, NSSF and WCF records current, since staff claims rank by period.
- Plan the employee process. Follow ELRA section 39 consultation before notices.
- Diary the filings. Track each BRELA form, Gazette notice and the TRA notice after a receiver is appointed.
Key dates and deadlines
| Event | Time limit | Source |
|---|---|---|
| Statutory demand unpaid before petition | 21 days after service | s.283; Form 283 |
| Tax due treated as preferential | 12 months before the relevant date | s.370 (verify) |
| Wages treated as preferential | Four months before the relevant date | s.370 (verify) |
| Remuneration protected under ELRA | 26 weeks before the declaration | ELRA s.29(6) |
| Receiver's notice to TRA | 14 days after appointment | Tax Administration Act s.77 (verify) |
| Notice to monthly-paid staff | 28 days | ELRA s.42 |
| GN 82 forms in use | From 20 March 2026 | GN 82 of 2026 |
How Zatra helps
Zatra prepares the solvency file, searches the BRELA register, and files the forms that follow an order or a resolution. Our company closure service handles the BRELA and TRA exit once the liquidation ends. Our corporate secretarial team keeps minutes and registers in order while the board decides. Our tax dispute team reconciles TRA arrears before a claim is proved.
Government fees are paid to BRELA, the courts and other authorities at the official rate against a control number. They are separate from Zatra's professional fee, which we quote in writing. Zatra does not decide or guarantee any authority's outcome. The High Court, the Official Receiver and each liquidator decide on their own records.
Court petitions, statutory demands, opposition, prosecutions, seizures, disputes and legal opinions belong with an advocate of the High Court. We work alongside your advocate or introduce one. To start, contact Zatra with the latest accounts and a list of creditors. For a solvent exit, compare our company deregistration guide.
Sources and status
Accurate as at 7 November 2026.
- Companies Act, Cap. 212 R.E. 2023. BRELA, Revised Edition 2023. Accessed 7 Nov 2026.
- Companies Act, 2002, consolidation as at 1 July 2016. TanzLII, 2016. Accessed 7 Nov 2026.
- Companies (Forms) (Amendment) Rules, 2026, GN 82. BRELA, 20 March 2026. Accessed 7 Nov 2026.
- Company liquidation. RITA, 29 April 2025. Accessed 7 Nov 2026.
- Bankruptcy. RITA, 29 April 2025. Accessed 7 Nov 2026.
- Bankruptcy Act, Cap. 25 R.E. 2023. Office of the Attorney General, 2023. Accessed 7 Nov 2026.
- Evidence Act, Cap. 6 R.E. 2022. National Prosecutions Service, 2022. Accessed 7 Nov 2026.
- In re Elite Career Choices (T) Limited, Misc. Civil Cause No. 622 of 2023. High Court via TanzLII, 21 May 2024. Accessed 7 Nov 2026.
- New Rainbow Africa Limited v Halais Pro-Cheme Industries, Misc. Civil Cause No. 618 of 2023. High Court via TanzLII, 25 June 2024. Accessed 7 Nov 2026.
- Employment and Labour Relations Act, Cap. 366. TanzLII, as at 31 December 2023. Accessed 7 Nov 2026.
- Tax Administration Act, Cap. 438. TanzLII, as at 30 November 2019. Accessed 7 Nov 2026.
- Zanzibar Companies Act No. 15 of 2013. BPRA, 2013. Accessed 7 Nov 2026.
- Ranking of preferential creditors vis-a-vis secured creditors. KG&P, undated, read 2026. Accessed 7 Nov 2026.
- Duties and liabilities of directors in financial distress. Paul Kibuuka, Tanzania Law Blog, 20 March 2021. Accessed 7 Nov 2026.
- Winding up and dissolution of company in Tanzania. Dar State Attorneys, undated, read 2026. Accessed 7 Nov 2026.
- Company law reforms in Tanzania. Lawworldwide, 24 July 2013. Accessed 7 Nov 2026.
Figures to confirm before you act
- The statutory demand threshold of TZS 50,000 in s.283, read from the 2002 text quoted by the courts, and any Ministerial regulation changing it.
- The preferential categories, the 12-month tax window and the four-month wage window in s.370, read from a secondary source.
- How ELRA s.29(6) and the NSSF Act s.75 priority interact with s.370.
- The rank of winding-up costs and of severance pay.
- The look-back periods for preferences and undervalue transactions in s.373.
- The receiver's 14-day notice to TRA under the Tax Administration Act.
- The High Court filing fee for a winding-up petition, which is not in Zatra's fee register.
- The Zanzibar insolvency statute and official receiver.
This article is general information based on official sources available at the date of publication. It is not legal, tax or financial advice. Laws and notices change. Verify with the issuing authority or consult Zatra before acting.
Frequently asked questions
Can a company stop a winding-up petition by paying the debt?
Often, if payment comes before the hearing and no other creditor supports the petition. The court still controls the petition once presented, and costs may be ordered. Settle through your advocate so the petition is formally withdrawn or dismissed.
Can a foreign parent be made to pay its Tanzanian subsidiary's debts?
Not as a rule, because the subsidiary is a separate legal person. Exposure arises from guarantees, letters of comfort, or a parent acting as a shadow director. Check every group guarantee before the subsidiary fails.
Do suppliers with retention-of-title clauses get their goods back?
Possibly, if the clause is in the contract, the goods are identifiable and unsold. The liquidator will test each claim. Send the liquidator a written claim with the contract and delivery notes as early as possible.
Can directors buy the business back from the liquidator?
Ask an advocate first. Any sale must be at proper value and in good faith, because a sale below value can be challenged as a transaction at an undervalue. Get an independent valuation and record how the price was set.
What happens to a company's bank accounts on a winding-up order?
Control passes to the liquidator, and dispositions after the winding up commences can be void under section 287. Banks usually freeze accounts once they learn of the order. Payroll and supplier payments then need the liquidator's approval.
Is a strike-off a cheaper way out for an insolvent company?
No. Strike-off under section 403 is for defunct companies, and a struck-off company can be restored. Directors who use it to escape debts face scrutiny. An insolvent company should go through a formal process.
Can a creditor in Zanzibar petition the Mainland High Court?
It depends on where the company is registered. A BRELA company is wound up under Cap. 212 wherever the creditor sits. A BPRA company falls under Zanzibar law and courts. Ask a Zanzibar advocate before filing.
How long does a compulsory liquidation take in Tanzania?
We found no statutory timetable for the whole process. Asset sales, disputed proofs and tax clearance drive the length. Plan in years rather than months for a trading company with property and staff.
Sources & regulators
Verify before filing: Rates, forms and thresholds move by Finance Act, Government Notice and portal revision. Confirm the live schedule on the mandate-holder portal before you budget or submit. Law-firm alerts and Big Four notes are discovery only.
- Companies Act, Cap. 212 R.E. 2023: BRELA, Revised Edition 2023, arrangement of Parts VI to IX, ss.238 to 427. Accessed 2026-11-07.
- Companies Act, 2002, consolidation as at 1 July 2016: TanzLII, consolidation dated 2016, operative text of s.95 (now s.98). Accessed 2026-11-07.
- Companies (Forms) (Amendment) Rules, 2026, GN 82: BRELA, published 20 March 2026, Forms 109a, 263, 283, 284a to 284e, 295, 300, 341, 348, 358, 363a, 368a. Accessed 2026-11-07.
- Company liquidation: RITA, published 29 April 2025, Official Receiver as provisional liquidator. Accessed 2026-11-07.
- Bankruptcy: RITA, published 29 April 2025, Administrator General is the Official Receiver. Accessed 2026-11-07.
- Bankruptcy Act, Cap. 25 R.E. 2023: Office of the Attorney General, Revised Edition 2023. Accessed 2026-11-07.
- In re Elite Career Choices (T) Limited, Misc. Civil Cause No. 622 of 2023: High Court of Tanzania via TanzLII, ruling of 21 May 2024. Accessed 2026-11-07.
- New Rainbow Africa Limited v Halais Pro-Cheme Industries (T) Ltd: High Court of Tanzania via TanzLII, ruling of 25 June 2024. Accessed 2026-11-07.
- Employment and Labour Relations Act, Cap. 366: TanzLII, consolidation as at 31 December 2023, ss.29(6), 39, 42, 43. Accessed 2026-11-07.
- Zanzibar Companies Act No. 15 of 2013: BPRA, Act of 2013, file posted February 2025. Accessed 2026-11-07.
- Ranking of preferential creditors vis-a-vis secured creditors: KG&P (Nuruh Mwandambo), undated, read November 2026; independent. Accessed 2026-11-07.
- Legal duties and liabilities of directors of companies in financial distress: Paul Kibuuka, Tanzania Law Blog, 20 March 2021; independent. Accessed 2026-11-07.
Disclaimer
This article is informational orientation. It is not legal, tax or investment advice and not a government decision. Tanzanian instruments move by Act, Government Notice, Finance Act and portal revision. If a sentence here disagrees with the live mandate-holder, the mandate-holder wins. Zatra Consultants Limited does not issue licences, permits, tax clearances or approvals, and gives no assurance of any regulatory or banking outcome. Professional fees are published only on /pricing/.