Scribd Logo
Upload

Welcome to Scribd!

  • Jean Smal

    Uploaded by

    Mario
    95 views1 page
    Jean had a conversation with Soraya from GDLK attorneys about the liquidation of Edwafin. Soraya confirmed the liquidation is still scheduled for Friday and Mrs. Griffen did not accept an offer that was made. Soraya explained the order creditors would be paid if Edwafin is liquidated, with debenture holders falling lower than taxes, salaries, and funeral expenses. Jean was provided sections of the Insolvency Act dealing with preference of creditors and liquidators fees. Soraya noted debenture holders could be asked to contribute to fees if claims exceed assets. Jean asked about the source of debenture details and was told records are public documents from C

    Original Description:

    Original Title

    20090414 Jean Smal

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    Jean had a conversation with Soraya from GDLK attorneys about the liquidation of Edwafin. Soraya confirmed the liquidation is still scheduled for Friday and Mrs. Griffen did not accept an offer that was made. Soraya explained the order creditors would be paid if Edwafin is liquidated, with debenture holders falling lower than taxes, salaries, and funeral expenses. Jean was provided sections of the Insolvency Act dealing with preference of creditors and liquidators fees. Soraya noted debenture holders could be asked to contribute to fees if claims exceed assets. Jean asked about the source of debenture details and was told records are public documents from C

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    95 views1 page

    Jean Smal

    Uploaded by

    Mario
    Jean had a conversation with Soraya from GDLK attorneys about the liquidation of Edwafin. Soraya confirmed the liquidation is still scheduled for Friday and Mrs. Griffen did not accept an offer that was made. Soraya explained the order creditors would be paid if Edwafin is liquidated, with debenture holders falling lower than taxes, salaries, and funeral expenses. Jean was provided sections of the Insolvency Act dealing with preference of creditors and liquidators fees. Soraya noted debenture holders could be asked to contribute to fees if claims exceed assets. Jean asked about the source of debenture details and was told records are public documents from C

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    Dr Mario Koppers

    Subject: FW: Edwafin


    Attachments: image003.jpg

    Good morniing Mario,

    I have managed to have a conversation with Soraya (I think) at GDLK attorneys.

    She has confirmed that the Liquidation of Edwafin is still on the court roll for Friday
    and as far as they are aware an offer was made to Mrs Griffen which she did not accept.

    I asked her in what order of preference would debenture holders be paid out should Edwafin
    be liquidated and the order is roughly as follows:

    Court Costs
    Liquidators Costs
    Taxes
    Salaries
    Funeral Expenses (For all the poor souls who have had strokes due to losing their life
    savings perhaps??) Preference Creditors (some debenture holders fall here) Debenture
    Holders Other Creditors

    She refered me to the Insolvency Act 24 of 1936 Sections 95 - 105 deal with the Preference
    in which creditors are paid.
    Section 97 deals with the what the liquidators are allowed to charge (I obviously wanted
    to know what they were making out of the unfortunate
    incident)

    Soraya did mention one potential risk which is, if the debenture holders put in a claim
    and there are not sufficient assets to cover fees then the claimaints could be asked to
    contribute towards fees. It is difficult to tell however when the time come to put in the
    claim if that will be the case.

    i.e. is paying a small fee to get something greater out worth it, or are we just throwing
    good money after bad.

    I asked where the attorneys got the debenture details from. Apparantley the debenture
    records are public documents on CIPRO.
    According to Peter Basset, an attorney I have been dealing with in PMB (who is apparantley
    trying to get R2 million back for an ex director of
    Edwafin) there was about R250 million owing to debenture holders.
    Soraya is of the opinion it is more like R195 milllion. The fact that you didn't get the
    same correspondence leads me to believe that they don't have up to date records.
    Also a bit scary to think that the attorneys may have to find an extra R50 million or so
    that they were unaware of.

    Well that is my bit for the day.

    Take care,
    Regards,
    Jean

    Version: 8.0.238 / Virus Database: 270.11.54/2055 - Release Date: 04/13/09 17:56:00

    You might also like