Notice to creditors
18 November 2019
This document is a Notice to Creditors relating to a meeting of creditors in terms of Section 147 of
the Companies Act, Act 71 of 2008 as amended (“Companies Act”).
And incorporates: - Important information relating to the Date, Time and Venue of the meeting; - Relevant information in terms of Section 147 of the Companies Act.
A. NOTICE OF FIRST MEETING OF CREDITORS OF THE COMPANY
Notice is hereby given to the known creditors/affected persons in terms of Section 147 of the
Companies Act of the First Meeting of Creditors which is being convened under the
Chairmanship of the Business Rescue Practitioner at the place, date and time fixed by the
Chairman, namely at:
158 Bram Fischer Drive
Thursday, 28 November 2019
Commencing at 11h00
1. The Company commenced business rescue proceedings and was placed under
supervision on 7 November 2019 (Filed at CIPC).
2. Jacques du Toit (“Du Toit”) was appointed as the Business Rescue Practitioners (“BRP”)
for the Company by appointment documentation dated the 14 November 2019 (Filed at
3. In terms of Section 147 of the Companies Act, the BRP is obliged to convene and preside
over a first meeting of creditors within ten (10) business days after his appointment.
C. AGENDA FOR FIRST MEETING OF CREDITORS
4. In terms of Section 147 of the Companies Act, the agenda for the first meeting of
creditors is as follows:
4.1. A summary of the business rescue process and the time periods involved therein;
4.2. The BRP’s view as to whether or not there is a reasonable prospect of rescuing the Company, as envisaged in terms of Section 147 Companies Act, along with related, general information in this regard;
4.3. Submission of claims against the Company to the BRP (See attached Claim and Proxy forms);
4.4. Consideration and appointment of members of a creditors’ committee;
4.5. Determine the date of Publication of the Business Rescue plan
4.6. Approval of the fee agreement in terms of the act
4.7. General discussion / questions.
D. SUBMISSION OF CLAIMS AGAINST THE COMPANY
5. Creditors are invited to complete the attached claim form, setting out their claims
against the Company for receipt by the BRP at the first creditors meeting.
6. The creditors of the Company may determine whether or not a committee of creditors
should be appointed and, if so, may appoint the members of the creditors’ committee at
7. At the creditors meeting of the Company, a decision supported by the holders of a
simple majority of the independent creditors’ voting interests will be the decision of the
meeting on that particular matter. Please note that an independent creditor is a person
who is a creditor of the Company (who can also be an employee), and who is not related
to the Company, the director of the Company or to the BRP.
8. Creditors are entitled to be represented by legal representatives at the meeting of
9. The meeting is open only to creditors of the Company and/or their representatives and
thus only those persons may be present at the meeting.
JACQUES DU TOIT
Appointed Senior Business Rescue Practitioner of the Company 18 November 2019