“We have therefore asked for copies of their reports submitted in terms of section 132 of the Companies Act.”
The party said the business rescue practitioners must do so to prevent further bailouts of SAA that were desperately needed to fight the Covid-19 pandemic in SA.
“The three months for the SAA proceedings ended on March 5 2020 and the first report should already have been submitted. Lees said according to media reports, the business rescue practitioners had asked creditors for yet another extension to submit their proposed SAA business rescue plan. “However, the SAA business rescue practitioners have already had four months, which is considerably more than the period stipulated in the Companies Act and should have presented their business rescue plan to creditors on February 28 2020 before the extension to March 31 2020.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SAA business rescue needs another delay due to Covid-19The business rescue practitioners cite Covid-19’s detrimental effect on the airline industry globally and the weaker rand
Read more »
SAA endgame arrives as Covid-19 hits airlines - The Mail & GuardianWith the disease hitting the airline industry hard, SAA has told employees it will run out of money by March 31. Workers must either lose their jobs or move to part-time jobs, it says.
Read more »
DA calls for debt-relief law to be halted due to Covid-19The party says the act will restrict access to credit for low-income consumers and wants bridging finance available for SMEs at 0% interest
Read more »
DA calls on Ramaphosa to reprimand minister Zulu following reckless Covid-19 videoThe party says the minister’s comments contradicted the measures and recommendations that her department announced for the collection of social grants.
Read more »
DA calls for debt-relief law to be halted due to Covid-19The party says the act will restrict access to credit for low-income consumers and wants bridging finance available for SMEs at 0% interest
Read more »
What’s in City Press business today: Construction firms in BBC’s firing line; Put SAA out of its misery; Covid-19 will be deadly to small businessWhat's in City Press Business today? Construction firms in BBC’s firing line; Put SAA out of its misery; Covid-19 will be deadly to small businesses. Get your hands on a copy here:
Read more »