Bosasa goes bust as court rules business is commercially insolvent.
Corruption accused company African Global Operations, formerly Bosasa, is commercially insolvent and should remain in the hands of its liquidators, says the supreme court of appeal .
In a unanimous judgment which is scathing about the Gauteng high court’s decision to restore control of the company to the directors, the SCA on Friday said the decision by the company’s banks to withdraw banking facilities had clearly left it commercially insolvent.
SCA judge Malcolm Wallis said the directors sought to reverse this decision because of the “vigorous way” in which SA Revenue Services preferred liquidator Cloete Murray went about his business. Sars is one of the company’s biggest creditors and is owed about R12m. “On 21 February 2019 arrived at the group’s headquarters in Mogale City accompanied by security guards and over the next two days took control of the premises and the businesses and excluded the staff and directors.”
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