Less than a month after Bosasa announced it was entering voluntary liquidation, it has turned to the courts to have that decision reversed.
EWN senior reporter gives an update on African Global Operations, the company formerly known as Bosasa. It has made an urgent application to the courts.
The company now claims it had been given bad advice.
The lawyers did not properly explain what was in the documentation and it was ill-advised. In hindsight, it was a mistake.— Barry Bateman, Senior reporter - EWN
The second argument raised by African Global Operations is that a meeting held on the matter was not properly convened in terms of the Company Act.
Therefore, the resolution to go for voluntary liquidation cannot be lawful and so the courts should set it aside.— Barry Bateman, Senior reporter - EWN
Take a listen:
This article first appeared on 702 : Bosasa's two arguments why liquidation decision should be set aside