Court orders termination of CPS’s business rescue

The high court in Pretoria has ordered that business rescue proceedings for Cash Paymaster Services , which previously managed the distribution of more than 17-million welfare grants, be terminated and the company placed under final winding-up.

This was after the SA Social Security Agency , which in court papers claimed that CPS owed it about R1.5bn but had not paid a cent back, lodged an application to have the company liquidated after it went into business rescue.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Please close the ugly CPS chapter

Please close the chapter

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