Knowstics Academy, once regarded as one of the country’s leading private schools, is now on the brink of financial collapse after the High Court ordered it to settle more than US$303,000 owed to BancABC — or risk losing its properties.

In a decisive summary judgment, the High Court ruled that the school must immediately pay US$303,258.14 and ZWG2,715.56, plus interest. The court also authorised the attachment and sale of the academy’s immovable and movable assets, including land in Inyanga and Umtali, science laboratory equipment, and a centre-pivot irrigation system.

The institution, operated by Willedit Investments (Pvt) Ltd and run by directors William and Edith Mukuwapasi, had secured two loans with BancABC: a US$467,500 loan in 2022 and a ZWG11 million loan in 2019. Although the school initially made some repayments in US dollars, it eventually defaulted. It later claimed various setbacks — including a July 2023 armed robbery — as reasons for its failure to honour the debt.

Justice Faith Mushure dismissed the school’s explanations as “implausible, insincere and disingenuous,” describing them as typical of debtors who avoid repayment and undermine business confidence in the country.

The judge noted that the school had previously acknowledged the debt in writing and had even requested further restructuring earlier this year. Only after repayment became difficult did the directors attempt to argue that the debt should be paid in local currency.

Justice Mushure ruled that the signed agreements clearly stipulated repayment terms in US dollars, making the defendants’ position untenable. She emphasised that there were no genuine issues requiring a full trial, saying it would be wrong to deny summary judgment merely because the defendants wanted their “day in court.”

With the ruling now in force, Knowstics Academy faces possible liquidation of its assets and the collapse of an institution once known for premium education. The school’s directors and legal representatives were not immediately available for comment.