FISH & CHIPS’ E2.1M ‘FALLOUT’

MBABANE – Fish and Chips is being liquidated because it has debts amounting to E2.1 million which it failed to pay to date.
The company disclosed this when motivating its application for liquidation at the High Court.

The eatery contended it was insolvent in terms of the Companies Act of 2009.
It further argued that the insolvency provided the main reason why the company suspended business at the Mbabane shop in February. 
According to the company, it was unable to pay its debts which led to the closure of outlet which was located at the Swazi Plaza.

The court was informed that letters of demand for other outstanding debts with different landlords had also been issued to Skyrich Investments (Pty) Limited whose trade name was Fish and Chips.

Payments

“It is a matter of time when other shops will be closed by the other landlords due to the non payment of rentals. The shops are unable to make the payments and the rentals will increase as the days go by,” read the application in part.
The shareholders and directors of Fish and Chips are Bonnie Miranda and Kuo King Liu as it appears on the company’s Form J.

In the submission by directors, it was pointed out that to continue trading would be unlawful and contrary to the provisions of the law as they would be permitting the company to increase its debts and liabilities which they know cannot be met.
The court was informed to note amounts due in excess of E100 000 from one landlord at Riverstone Mall and the other of E64 502 for Fathercross Limited Pty Limited (Corner Plaza, Ezulwini).

Creditors

“(Fish and Chips) is truly and lawfully indebted to a number of creditors in the sum of E2 196 352 which they are unable to pay to its creditors. This I can confirm as I am the manager who has been running the business for the last few months, after the other director Kuo King Liu had left the business unattended in 2013,” the court heard through a petition signed by Miranda.

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