The High Court of South Africa, Gauteng Local Division granted an order to place SA Express under business rescue on 28 January 2020 following an application brought by Ziegler ZA.
Lawtons Africa represented Ziegler ZA, a logistics and transport company owed significant outstanding monies from SA Express in attempts to recover their debt. The firm’s business rescue practice area led by Gareth Cremen brought the urgent application.
The court ordered the following:
SAExpress is placed under supervision in terms of chapter 6 of the Companies Act and business rescue proceedings commence in terms of s131(4) of the Act.
Daniel Terblanche and Phalani Mkhombo are appointed as joint interim business practitioners subject to ratification by the holders of the majority of the independent creditors’ voting interests.
The attorney of record for the applicant, Gareth Cremen of Lawtons Africa is authorised to sign all documents and forms necessary to give effect to the order.
“We welcome the decision of the court and respect for the rule of law. We will work together with the business rescue practitioners to ensure that the process runs as efficiently as possible,” says Gareth Cremen of Lawtons Africa.
The business restructuring and insolvency rescue team at Lawtons Africa advise on business rescue, insolvency, informal restructuring and offers of compromise.
Lawtons Africa is a South African law firm. With roots that grew out of seeds sown in down-town Johannesburg in 1892, our history features various changes and different names. Our team of lawyers, including directors, consultants, associates and candidate attorneys is highly qualified, market-recognised and skilled. For further information, visit www.lawtonsafrica.com