Liquidate SAA so that billions can go towards Covid-19
21 March 2020
The Democratic Alliance (DA) has written to the South African Airways (SAA) Business Rescue Practitioners, Les Matuson and Siviwe Dongwana, to urge them to immediately apply to court to liquidate SAA.
They must do so in terms of section 141. (2)(a)(ii) of the Companies Act in order to prevent further wasteful bailouts of SAA that are desperately needed to fight the Covid-19 pandemic in South Africa.
Section 132.(3) of the Companies Act requires that if a company’s business rescue proceedings have not ended within three months after the start of those proceedings, the business rescue practitioner must prepare a monthly report on the progress of the business rescue proceedings and submit such reports to the Court or the Companies and Intellectual Property Commission (CIPC).
The three months for the SAA proceedings ended on the 5th of March 2020 and the first report should already have been submitted. We have therefore asked for copies of their reports submitted in terms of section 132.(3) of the Companies Act.