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Fin24 reports that state-owned regional airline SA Express has reportedly been placed in provisional liquidation after its business rescue practitioners (BRPs) filed an urgent court application in the Pretoria High Court on 25 March.
In March, SA Express, like other airlines, had to suspend operations due to travel bans imposed for the national lockdown in SA. The BRPs have not been able to pay salaries for SA Express staff in March or April. Formal applications have been launched with the UIF for consideration of Covid-19 relief aid. Gideon Slabbert of Turnaround Rescue Solutions explained that provisional liquidation meant the affected parties would have an opportunity to contest the court order. The court can appoint a provisional liquidator to preserve the assets of a company until it hears the winding up application. If the order remains uncontested, a final liquidation order will be passed and the Master of the High Court will appoint a liquidator to wind-up the company. SA Express was placed under business rescue last month due to financial pressures resulting from years of mismanagement and state capture. In the view of the National Union of Metalworkers of SA (Numsa) and the SA Cabin Crew Association (Sacca), employees will now be made to suffer as a result of the mismanagement of the airline.
- Read the full original of the informative report in the above regard by Carin Smith at Fin24
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