that some of South Africa’s major financial institutions had formally notified African Global Operations that they would be terminating the hugely controversial facilities management company’s accounts, according to a statement from the company.Bosasa’s statement at the time confirmed that they would be applying for voluntary liquidation after banks had sent them formal notification of the closure of their accounts.
The urgent application was filed at the High Court in Johannesburg last week and the matter is being heard today.The affidavit reportedly argued that the decision to liquidate was taken as a result of bad advice received from a consultant and that the company’s liquidation did not follow proper processes.
The company is believed to want the court to dismiss the liquidators who have been appointed to facilitate the process and hand control of the company and its assets back to its directors as they were before the liquidation process began. Explaining their initial decision to liquidate, the company claimed their treatment by banks was “occasioned by negative media reports” which caused them “extensive reputational damage”The statement further states that their decision to liquidate has nothing to do with the group’s “liquidity status, financial stability, operational performance or growth forecasts. On the contrary, the group is both factually and commercially solvent”.
They're now ready for war...!! I wonder who gave them this 'right advise' now..!!
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ewnupdates - 🏆 30. / 53 Read more »
Source: News24 - 🏆 4. / 80 Read more »