Mango objects to regulator’s rejection of its business rescue bid
The budget airline accuses the CIPC of going beyond its legal authority when it rejected the application in July
Mango Airline’s last-ditch attempt to be voluntarily placed in business rescue has been rejected by the companies regulator on the grounds that the carrier filed its application three months too late.
The Companies and Intellectual Property Commission (CIPC) requires companies to file an application to be placed in business rescue five days after a board resolution to do so. Mango, however, only filed its application to CIPC commissioner Rory Voller on July 28 while Mango’s board resolved to have the airline placed in business rescue on April 16, according to court documents...