THERE’S nothing quite like business-rescue proceedings to put everyone on edge. Nobody ever feels satisfied that the process has been conducted fairly and efficiently and inevitably, it seems only the business-rescue practitioner emerges better off.This is certainly the case at Masonite where frustrated minority shareholders are even wondering why it was put into business rescue in the first place. They acknowledge the company was going through hard times ,but say there was little risk of it not being able to pay creditors in the foreseeable future.The timing — from December 22 2015 — and speed of the process have also raised eyebrows.The shareholders are particularly peeved at the hefty fees (more than R17m) being paid to the business-rescue practitioner, saying they cannot be justified even if the practitioner had worked throughout Christmas Day.The outcome certainly seems far from satisfactory, although it’s puzzling why both TWK (a former forestry co-operative) and Sappi left it...
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