Africa-Press – Namibia. THE company managing the Omeya estate between Windhoek and Rehoboth has been placed under provisional judicial management, in a move aimed at giving it time to recover from its financial difficulties and inability to pay its debts.
An order placing Omeya Golf and Residential Oasis (Pty) Ltd under judicial management was granted by judge Thomas Masuku in the Windhoek High Court on Wednesday.The order states that the directors and managers of the company will no longer have the power to manage the company and that the master of the High Court should appoint a provisional judicial manager to take control of the company.The order also states that Alwyn van Straten is nominated to be appointed as provisional judicial manager.While the company is under judicial management, no legal steps – such as being sued over unpaid debts – may be taken against it without the court’s permission, the order says as well.In terms of the Companies Act, a company that is unable to pay its debts can be placed under judicial management if there is a reasonable possibility that such a step would eventually enable it to pay its debts and become a successful concern.Omeya Golf and Residential Oasis owes Bank Windhoek N$133 million and First National Bank Namibia N$12 million, and is unable to make the required monthly payments of N$900 000 and N$75 000, respectively, on that debt to the two banks, one of the company’s directors, Andre van der Walt, has informed the court in an affidavit.Van der Walt is also a trustee of the Van der Walt Investment Trust, which is the sole shareholder of Omeya Golf and Residential Oasis.The company has carried out the development of the Omeya estate since 2010 and is responsible for providing essential services like water and electricity to Omeya residents.In his affidavit, Van der Walt attributed the company’s present financial difficulties to a slump in the property market since 2018, and said the situation has been worsened by the effects of the Covid-19 pandemic.His affidavit set out the grounds for an application in which the company asked the court to order its winding up.However, Bank Windhoek as the company’s biggest creditor intervened in the matter and asked the court to instead place the company under judicial management.Van der Walt also informed the court that the sale of properties at Omeya was the company’s main source of income, which he said has virtually dried up.According to Van der Walt, the value of the company’s assets still exceeds its liabilities, but it no longer has the cash flow needed to meet its monthly financial liabilities.The company’s assets are valued at n$462,6 million, or a forced sale value of about n$178 million, according to a document filed at the court.
