R100m auction of Bosasa assets was unauthorised, court rules
In December, Park Village Auctions sold the assets of the six Bosasa firms, despite a business rescue application launched by African Global Holdings a day earlier
The high court in Johannesburg has declared that any auction of assets of the six African Global Operations companies‚ formerly known as Bosasa‚ which were in liquidation before the second meeting of creditors, is prohibited.
In a judgment passed electronically on Monday‚ the court held that any sale while such company was in liquidation‚ and without written consent by resolution of the board of directors of African Global Holdings‚ was unauthorised. The court said the transfer and registration of immovable property to any prospective purchaser of assets of any of the xsix companies that were sold was prohibited...
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