350 TO LOSE JOBS AS SPINTEX LIQUIDATED

 MBABANE – Financially unstable Spintex Swaziland (PTY) Limited has been placed under provisional liquidation by the High Court.

Liquidation is the process by which a company is brought to an end, and the assets and property of the company are redistributed.
The order for the liquidation of Spintex Swaziland comes after two South African companies which claimed to have loaned Spintex a sum of about E50 million, yesterday moved an urgent application seeking an order that the latter be provisionally liquidated in terms of Section 287(d) of the Company’s Act, owing to its inability to pay its debts.

According to Sunset Bay Trading 226 (PTY) Limited and HGH Industrial Threads CC, who are applicants in the matter, the respondent (Spintex Swaziland) was unable to repay its debt to them.

Sunset Bay Trading 226 (PTY) Limited is a property owning company, while HGH Industrial Threads CC is a manufacturer of cottons. Both companies are based at 8 Glenluce Road in Johannesburg

HGH Industrial Threads CC claimed to have lent the applicant a sum of E45 271 601.83, while Sunset Bay Trading 226 (PTY) asserted that it advanced Spintex a sum of E4 573 955.37.
The exact amount which the two companies allege to have loaned the applicant is E49 845 557.20.

The order placing Spintex Swaziland under provisional liquidation was issued by High Court Principal Judge Qinisile Mabuza yesterday.
In his founding affidavit, Sunset Bay Trading 226 (PTY) and HGH Industrial Threads CC group Accountant, Imitiaz Ahmed Ismail Kara, stated that the purpose of the application was to seek an order in terms of Section 287 (d) of the Companies Act 8/2009, for the provisional winding up of the respondent in that it was unable to its pay debts to creditors.

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