Bosasa's liquidators to appeal court ruling to reverse liquidation

Bosasa liquidators intend to appeal a ruling that they must hand the company back to its directors.

This comes after the beleaguered company formerly known as Bosasa changed its mind about its decision to voluntarily hand over the company to liquidators.

EWN reporter Barry Bateman says the liquidators are still consulting with their attorneys to establish which aspect of the judgment they want to appeal.

Read: Bosasa's two arguments why liquidation decision should be set aside

The reason the courts reversed the decision to liquidate, was because the meeting that was called by the board of directors was not properly constituted in terms of the Companies Act and a proper notice was not given.

Barry Bateman, Senior reporter - EWN

The court also slapped the liquidators with a personal cost order and I think that is the aspect they will go after and challenge.

Barry Bateman, Senior reporter - EWN

The court found that the liquidators were not acting in the interest of the creditors. They saw this large firm as a lucrative means to make money and that's why the court found they were opposing this application.

Barry Bateman, Senior reporter - EWN

According to Bateman, because of the application of leave to appeal the court ruling, the company African Global Operations is still under the control of the liquidators until the matter is resolved.

To hear the rest of the conversation, listen below:


Recommended

by NEWSROOM AI
Read More
Bosasa's two arguments why liquidation decision should be set aside

Bosasa's two arguments why liquidation decision should be set aside

EWN senior reporter gives an update on Bosasa's urgent application to the courts.

IEC to investigate claims that Bosasa funded ANC's elections 'war rooms'

IEC to investigate claims that Bosasa funded ANC's elections 'war rooms'

The party is said to have received a R6 million donation from scandal-plagued Bosasa.

Government will continue to do business with Bosasa-linked Sondela IT

Government will continue to do business with Bosasa-linked Sondela IT

Tiso Blackstar's Karyn Maughan analyses the press briefing held by Minister of Justice and Correctional Services Michael Masutha.

Union representing Bosasa workers shocked by liquidation announcement

Union representing Bosasa workers shocked by liquidation announcement

The union says they have requested an urgent meeting with the management to get full clarity on the matter.

Bosasa trading as African Global Operations to be liquidated

Bosasa trading as African Global Operations to be liquidated

Two banks took a decision to close down Bosasa's bank accounts forcing the company to go under voluntary liquidation.

Agrizzi gives the Mokgoro Commission the cold shoulder fearing charges

Agrizzi gives the Mokgoro Commission the cold shoulder fearing charges

Angelo Agrizzi's legal team wrote to the commission informing it that he won't be testifying following being criminally charged.

Zondo Commission goes through Vytjie Mentor's testimony with a fine-tooth comb

Zondo Commission goes through Vytjie Mentor's testimony with a fine-tooth comb

Former MP Vytjie Mentor is the first witness to be cross-examined by the people she implicated in her testimony.

[WATCH] EFF comes to blows with unknown man in post-Sona scuffle

[WATCH] EFF comes to blows with unknown man in post-Sona scuffle

EFF’s Marshall Dlamini is caught on camera slapping an unidentified man in the face after the 2019 State of the Nation Address.

It's a relief to have a president who understands the economy - Melanie Verwoerd

It's a relief to have a president who understands the economy - Melanie Verwoerd

Former ANC MP Melanie Verwoerd gives analysis of President Cyril Ramaphosa's State of the Nation Adress in Parliament on Thursday.

Popular articles
Mashaba: DA is no longer a movement that can save South Africa

Mashaba: DA is no longer a movement that can save South Africa

Herman Mashaba announced that he will be resigning from the DA and subsequently as Joburg mayor, effective at the end of November.

Mashaba is free to do what he likes, says Helen Zille

Mashaba is free to do what he likes, says Helen Zille

The newly elected Democratic Alliance FedEx chair says she has not spoken directly to Joburg mayor about his resignation.

Joburg mayor Herman Mashaba calls it quits

Joburg mayor Herman Mashaba calls it quits

Herman Mashaba's resignation comes after the announcement of Helen Zille as the DA's new federal council chair this past weekend.

[WATCH] Oregon coach hugging student after disarming him of shotgun, goes viral

[WATCH] Oregon coach hugging student after disarming him of shotgun, goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

[WATCH] Toddler upset that mom didn't give him a goodbye kiss, is so adorable

[WATCH] Toddler upset that mom didn't give him a goodbye kiss, is so adorable

Khabazela shares tweets and Facebook posts that have gone viral.

'Today I say to Mmusi Maimane, you are the leader and I am the toilet cleaner'

'Today I say to Mmusi Maimane, you are the leader and I am the toilet cleaner'

New Democratic Alliance Federal Council chair Helen Zille outlines her plans for her new role.

5 retirement saving tips for those who left it late

5 retirement saving tips for those who left it late

It’s better to start late than never! The Money Show’s Bruce Whitfield interviews Jeanette Marais.