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Sutherland Tannery: Latest

Published: 13th Feb 2017
Author: From Neil Button; Stowell Estate Administration Trust

Pietermaritzburg (SA) – The business rescue practitioners (BRP’S) held the first meeting of creditors in terms of the provisions of the companies act on the on the 7th November 2016.

        At this meeting the BRP’S proposed that an extension be granted for the drafting and submitting of a business rescue plan.

        The meeting voted in favour of an extension and the BRP’S are required to draft a business plan by the 13th February 2017, publish the plan by the 20th February 2017 and hold a meeting of Creditors  by no later than the 27th February 2017.

        The BRP’S have received a written offer from an interested party which will be included in a business plan and we are in the process of finalising the terms and conditions therein.

        Because of the delays in receiving the offer, the BRP’S are unable to draft and submit the business rescue plan in terms of the extension granted on the 7th November 2017 and will apply to creditors on the 27th February for an extension of time to lodge the business rescue plan.

        It is anticipated that the plan will be presented to creditors during the beginning of May 2017.

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