Joint Business Rescue Practitioners of Tongaat Hulett Limited express confidence in securing funding for the upcoming March salary run as the provisional liquidation application was adjourned.
Image: TUMI PAKKIES / Independent Newspapers
Joint Business Rescue Practitioners of Tongaat Hulett Limited express confidence in securing funding for the upcoming March salary run as the provisional liquidation application was adjourned.
Image: TUMI PAKKIES / Independent Newspapers
The Joint Business Rescue Practitioners (BRPs) of Tongaat Hulett Limited say they are confident that funding will be available to pay salaries due on March 25, as the provisional liquidation application was adjourned in the Durban High Court on Friday.
The BRPs confirmed in a statement that the court has directed that a structured timetable be followed that will govern the further conduct of the provisional liquidation application and hearing thereof.
“The liquidation application was filed on 12 February 2026, after no binding financing arrangements had been concluded between Vision and the Industrial Development Corporation (IDC), the Sale Agreements had lapsed, and the adopted Business Rescue Plan was no longer capable of implementation. In those circumstances, the BRPs were obliged to approach the court in terms of section 141(2) of the Companies Act,” the statement said.
They added that in recent days a number of notices of intention to oppose and intervene, together with intervening and opposing affidavits, have been received from different parties.
It said due to this, the court was of the view that all matters were not ripe for determination. The court has directed dates for the filing of papers for all of the parties now involved. A date for the hearing of the matter will have to be set by the KwaZulu-Natal Judge President.
The BRPs also said that based on the progress made and the support expressed by secured creditors, they and the company's management are confident that funding will be available for the next salary run due on March 25, while engagements continue to secure longer-term stability.
“The BRPs will comply fully with the court’s directions, carefully consider the intervention papers received, and continue to act in accordance with their statutory duties and in the interests of employees, creditors, and all other affected persons.”
According to court papers filed on Tongaat Hulett's website, the Minister of Trade, Industry and Competition and the Industrial Development Corporation have filed separate notices of intention to oppose the provisional liquidation application. Two shareholders of Tongaat Hulett, Muhammad Faiz Turk and Muhammad Shakeel Turk, have also filed a notice of opposition along with creditor RGS Group Holdings, while another creditor, Abrina, has brought an intervening application.
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