Bosasa

2022 - 5 - 11

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Image courtesy of "SowetanLIVE"

ANC heavyweights face scrutiny over Bosasa 'benefits' after court ... (SowetanLIVE)

The provisional liquidators of African Global Operations, formerly Bosasa, have scored a legal victory, with the Supreme Court of Appeal ruling, effectively ...

“It could never have been the intention of the court hearing that application to have ordered the liquidators never to sell the assets without consultation or consent of the directors. The rulings pave the way for the liquidation process to continue. The monthly insurance charges alone amounted to R150,000. He said the application to stop the auction also ought to have been served on each of the joint liquidators of each of the six companies. Before their permanent appointment, and before a meeting of creditors, the liquidators applied to the court for an extension of their powers to allow for the sale of assets. Most had already been terminated.

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Image courtesy of "Business Day"

Bosasa liquidators had authority to sell assets, appeal court rules (Business Day)

The directors of African Global Holdings and two Bosasa firms had gone to court in December 2019 to stop the sale of assets of Bosasa.

Despite this state of affairs, African Global Holdings demanded that the liquidators not proceed with the auction. The liquidators of the Bosasa group of companies were given the requisite authority to sell the assets of the six Bosasa companies in a public auction in December 2019, the Supreme Court of Appeal (SCA) ruled on Tuesday. The directors of African Global Holdings and two Bosasa firms had gone to court in December 2019 to stop the sale of assets of Bosasa

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