{"id":50763,"date":"2023-06-30T19:13:50","date_gmt":"2023-06-30T19:13:50","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/not-an-option-post-offices-provisional-liquidators-blast-states-business-rescue-plan"},"modified":"2023-06-30T20:58:17","modified_gmt":"2023-06-30T20:58:17","slug":"not-an-option-post-offices-provisional-liquidators-blast-states-business-rescue-plan","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/not-an-option-post-offices-provisional-liquidators-blast-states-business-rescue-plan","title":{"rendered":"‘Not an option’: Post Office’s provisional liquidators blast state’s business rescue plan"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>The provisional liquidators overseeing the SA Post Office (SAPO) have come out against a plan put forward by the Department of Communications and Digital Technologies (DCDT) to place the struggling entity in business rescue.<\/p>\n

Just days before a court is set to hear the department’s application, provisional liquidators Anton Shaban and Gerry Musi have said they fear business rescue is “not an option” and will not work.<\/p>\n

The Post Office was placed into provisional liquidation in March as it could not pay its debts.<\/p>\n

In a statement on Friday, Shaban and Musi said that for business rescue to work, SAPO would need billions of rands in extra funding and a complete overhaul of its business operations. Parliament still needs to pass the Post Office Amendment Bill, they stated.<\/p>\n

Instead of business rescue, the Shaban and Musi have put forward a compromise agreement under section 155 of the Companies Act.<\/p>\n

This is the same section of the act used by retailer Steinhoff in its R25 billion settlement agreement with creditors and shareholders.<\/p>\n

This section of the act allows a company to put forward a compromise agreement to creditors to bypass being liquidated or placed into business rescue.<\/p>\n

Let’s compromise <\/b><\/p>\n

Shaban said a compromise agreement was the best route to restore the Post Office to solvency. He said it could be done more quickly and at a lower cost than business rescue, without revealing any figures.<\/p>\n

The DCDT, meanwhile, is hoping to convince the North Gauteng High Court in Pretoria that the SAPO is a candidate for business rescue when the matter is heard on Tuesday.<\/p>\n

The department has nominated Anoosh Rooplal, the chartered accountant who has overseen the liquidation of VBS Bank for the past four-and-a-half years, as the Post Office’s business rescue practitioner.<\/p>\n

“We are crossing our fingers that the court responds to our prayer favourably,” DCDT Minister Mondli Gungubele told a Parliamentary briefing earlier this month.<\/p>\n

If the court declines to place the debt-laden state-owned entity into business rescue and the section 155 settlement proposal does not pan out, the SAPO will face a final liquidation hearing later this year.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. The provisional liquidators overseeing the SA Post Office (SAPO) have come out against a plan put forward by the Department of Communications and Digital Technologies (DCDT) to place the struggling entity in business rescue. Just days before a court is set to hear the department’s application, provisional liquidators Anton Shaban and Gerry […]<\/p>\n","protected":false},"author":84,"featured_media":50762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[274,315,985,810,1299,1726,275,1833],"class_list":["post-50763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-south-africa","tag-business-rescue","tag-liquidation","tag-post-office","tag-sa-post-office","tag-south-africa-2","tag-steinhoff"],"yoast_head":"\n'Not an option': Post Office's provisional liquidators blast state's business rescue plan - South Africa<\/title>\n<meta name=\"description\" content=\"The provisional liquidators overseeing the SA Post Office (SAPO) have come out against a plan put forward by the Departm ...\" \/>\n<meta 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