Magaya Couple Secures Temporary Reprieve After $180,000 Payment to GetBucks

Prophet Walter Magaya and his wife Tendai have averted liquidation after paying US$180,000 to GetBucks Bank and signing a debt settlement (image source)

Prominent clergyman Prophet Walter Magaya and his wife Tendai have secured a temporary reprieve from imminent liquidation proceedings after paying US$180,000 to GetBucks Microfinance Bank and signing a deed of settlement restructuring the remainder of a US$420,140.72 debt, according to court filings and creditor notices.

GetBucks had filed for liquidation in June 2025, accusing the Magayas of insolvency and concealing assets following failed repayment attempts. The new arrangement suspends the bank’s liquidation application and halts immediate seizure of movable and immovable assets — provided the couple meets their scheduled payments and obligations under the deed.

However, the relief is partial. A separate writ of execution under Case Number SH3294/25 authorises the auction of developments on Stand 168, Prospect, Waterfalls, after creditor Li Xiu Yun obtained court approval for a sale in execution. The stand, housing a hotel, lodges and a FIFA-rated stadium linked to PHD Ministries, remains at risk despite the GetBucks settlement.

Earlier this year, Planet Africa (Private) Limited, an entity associated with the Magayas, entered corporate rescue proceedings, narrowly avoiding auction of other properties. Credit recovery efforts have been slowed by interpleader claims filed by the Walter Magaya Family Trust and PHD Ministries, complicating ownership questions and creditor priority in ongoing litigation.

The saga unfolds amid public scrutiny of the Magayas’ finances and high-profile gestures. The couple recently received luxury vehicles and US$100,000 in cash from businessman Wicknell Chivayo, who cited Prophet Magaya’s role in the Heart Stadium project. The gift drew public attention because the stadium itself is under threat of sale, underscoring the tension between philanthropy, religious enterprise, and creditor claims.

GetBucks will continue monitoring compliance with the settlement and may revive liquidation proceedings if the Magayas default. Meanwhile, the Li Xiu Yun auction could proceed unless stayed by the High Court on title or jurisdictional grounds. The intersecting litigation — spanning corporate rescue, creditor enforcement, and interpleader proceedings — underscores the fragmented creditor landscape and rising financial risks facing faith-based commercial ventures.

Observers say the coming months will determine whether the Magayas can meet their settlement terms and preserve control of the Waterfalls developments at the centre of the dispute.