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LIQOUR TRADE CREDITORS MEET

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 MBABANE – Are you owed by popular liquor business, Liquor Trade Centre (Pty) Limited?  Then you have a reason to be at the Master of the High Court offices on Friday.


All creditors of the business, which has been placed under liquidation, have been invited to the first meeting of creditors and contributories which starts at 9am.
The contact person has been enlisted as Marcia Hillary whom had earlier been prayed to be appointed as provisional liquidator with the powers to wind it up in terms of the Companies Act of 2009.


Judge Titus Mlangeni recently granted an order for liquidation of the company after its proprietors filed an application at the High Court that it be placed under provisional voluntary winding up in the hands of the Master of the High Court.


The Liquor Trade Centre Director and Shareholder, Damon Gollino, had informed the court that the company could no longer pay its debts. He submitted that its creditors were to the approximate value of E553 000, excluding Eswatini Revenue Authority (SRA) or Standard Bank which it owed a sum of E468 000.


Gollino said the company had a few assets which include computers, office desks and a motor vehicle which were valued at almost E50 000, and stock amounting to about E30 000.

The company employed about six people including three others who worked for a shorter period and their estimated severance benefits stands in the region of about E130 000. He also stated that the company paid E27 000 rent and the lease was due to terminate in June 2019.
He said it was urgent that the liquidator took control and tried to terminate the lease, and made other arrangements for the storage with regards the assets that are available.


“I should point out that the applicant (The Liquor Trade Centre) is not in a position any longer to service its day to day liabilities. The applicant is insolvent. The applicant cannot pay its creditors or staff. This demonstrates unequivocally that it cannot pay its day to day liabilities as and when they fall due,” submitted Gollino.

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