Standing of Matter
Archived
Board of directors passes resolution for Business Rescue on
File notice of resolution with CIPC on
Publish notice to affected parties-within 5 days from filing
Company nominates a BRP within 5 days of filing
CIPC confirms the appointment of BRP
File notice to CIPC on BRP appointment within 2 days
Publish notice to affected parties of BRP wihin 5 days
First meeting of creditors-10 days from appointment
First meeting of employees-10 days from appointment
Progress Report (Status)
Pursuant to their appointment on 20 October 2017, the BRP's engaged management and the Board of Directors from Monday, 23 October 2017 onwards. It transpired that there are competing sessions of book debts which is the subject matter of an investigation which will follow. In order to ensure orderly trading of the company an arrangement was arranged with the parties purporting to hold sessions of book debts to allow the BRP's to operate from a newly opened banking account on the basis that all receipts and payments will be made from this account. All new invoices will be issued by the company and payment will be received in the normal course of business.
All payments made from this newly opened banking account will be treated as PCF (post commencement finance.)
First Meeting of creditors held on Thursday 2 November 2017
All payments made from this newly opened banking account will be treated as PCF (post commencement finance.)
First Meeting of creditors held on Thursday 2 November 2017
Documents