The liquidators of the Bosasa group of companies were clothed with the requisite power or authority to sell the assets of the six Bosasa companies by public auction which was held in December 2019.
Park Village Auctions selling off Bosasa assets in Krugersdorp on December 4 2019. The Supreme Court of Appeal said the liquidators were clothed with authority to sell the assets of the six Bosasa companies by public auction.The liquidators of the Bosasa group of companies were clothed with the requisite power or authority to sell the assets of the six Bosasa companies in a public auction in December 2019.
This was the finding made by the Supreme Court of Appeal on Tuesday, as it upheld an appeal by the liquidators of the Bosasa group of companies now known as African Global Holdings. The directors of African Global Holdings and two Bosasa companies — Sun Worx and Kgwerano Financial Services — had gone to court in December 2019 to stop the sale of assets of Bosasa that happened by public auction from December 4-6 2019.It held that the liquidators were legally prevented from proceeding with the auction and any subsequent sales of the Bosasa assets due to the business rescue application having been “made” on December 3 2019, before the auction.
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