SAA officially under business rescue from today – Solidarity
5 December 2019
The SAA will be officially under business rescue from today. That was the consensus between the legal teams of Solidarity, the SAA, the Minister of Public Enterprises and the Minister of Finance during a meeting with the Deputy Judge President of the South Gauteng High Court.
During the meeting, the SAA undertook to ratify a resolution, that the SAA voluntarily be placed under business rescue, with the Companies and Intellectual Property Commission (CIPC) today. If this is not done, Solidarity’s business rescue application will be heard on 13 December.
This comes after it became known that the SAA Board passed a resolution at midnight last night to voluntarily place the SAA in business rescue. This followed Solidarity’s request to the High Court that the trade union’s application for business rescue of the SAA be heard next week.
“This is a historic event. It is the first time that a public enterprise is placed under business rescue. The business rescue process also shows that mismanagement and plundering actually do have an end date – in this case at great cost.