NOTICE: 15 APRIL 2021

TRADING HAS BEEN TEMPORARILY SUSPENDED.


FRESHSTARTLAWCENTRE.CO.ZA
Unit 6E, Upper East Side, 31 Brickfield Rd, Woodstock, Cape Town, 7925

Whilst the Companies and Intellectual Property Commission has issued a practice note regarding not penalising businesses that continue to trade despite being in financial difficulty due to COVID-19, the board of directors are determining if the company has reached critical financial distress caused by COVID-19 and the continued National State of Disaster.

It was determined 7 months ago, after coming out of the initial lockdown, that there was a high likelihood the business could trade out of this situation, unfortunately the economic outlook began to change in the last 2 months.

The board will now decide if the business has reached financial distress and whether there is a reasonable prospect of rescuing the company. If confirmed it has reached that point, the board will review renewed investment and other rescue options.

Given the nature of the business, the immediate and responsible step is to temporarily suspend trading until decisions on the way forward have been made.

Further updates and notices will be published/communicated.

---UPDATE---

NOTICE: 19 APRIL 2021

BUSINESS RESCUE.


The board are considering voluntary business rescue as per Chapter 6 of the Companies Act 2008 (Act 71 of 2008).

Further updates and notices will be published/communicated.