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.
The high court held that the business rescue application triggered the suspensions of the Bosasa companies’ respective liquidation proceedings in terms of the Companies Act. It also declared any sales on auction were unlawful and that the transfer of property as the result of the sale on auction was prohibited.
The revelations prompted the bankers of African Global Operations to indicate that they would be withdrawing the company's banking facilities and closing the banking accounts. When the liquidators refused to accede to its demand, Holdings, Sun Worx and Kgwerano caused the business rescue application to be issued.
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