The embattled construction group has been in business rescue since March 2019, and has been in the process of winding down the business
Construction company Group Five is set to delist from the JSE on June 15, having spent more than a year in business rescue.
Group Five and subsidiary Group Five Construction have been in business rescue since March 2019, after they experienced financial problems due to a lack of contracts. The sector has been hit by a slowdown in government infrastructure spending, and generally weak economic conditions in SA. The company’s creditors overwhelmingly voted in favour of the rescue plan on September 11, paving the way for business rescue practitioners Dave Lake and Peter van den Steen to wind down the group through the sale of assets, as well as delist the group.
In the April monthly update from the business rescue practitioners, Lake and Van Den Steen noted that the Covid-19 outbreak had delayed the rescue process. “Our disposal counterparties are, in many instances, unable or unwilling to complete transactions during this time of local and global uncertainty,” the business rescue practitioners said.
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