March 2020 Report
31 March 2020
To Whom It May Concern
March 2020 Report: Orthotouch and Zephan Properties (Pty) Ltd (In Business Rescue)
Business Rescue Proceedings
- Commencement of Business Rescue: 7 November 2019
- Appointment of Business Rescue Practitioner (BRP) – J du Toit: 14 November 2019
- First Meeting of Employees: 27 November 2019
- First Meeting of Creditors: 28 November 2019
- Business Rescue Plan filing date: 31 March 2020
- 2ND Creditors meeting: Date to be disclosed after the lockdown has been uplifted.
- All timelines have been met, accordingly the BRP filed the Business Rescue Plan on 31 March 2020.
- The BRP has completed his investigations and used all investigative information to finalize the Business Rescue Plan.
- The BRP is in the process of compiling a general letter to all investors / creditors to help shed more light on queries he is receiving and provide parties with a short summary on the basis of the plan.
- The Business Rescue Plan has been sent to all the affected parties and has been made available through public media. The investors / creditors were informed of the publication of the Business Rescue Plan.
The BRP is to engage with creditors / investors within 10 business days after the Business Rescue Plan has been published. This normally takes place as a 2nd creditors meeting but due to the COVID19 outbreak and national state of disaster being declared, the BRP will be making alternative arrangements, in line with the Companies Act, to engage with the creditors / investors.
As per a directive received from the CIPC on 24 March 2020 before the lockdown was extended:
“For purposes of business rescue, a general extension is provided for business rescue proceedings which commenced, but which did not complete the procedure as stated within section 129 of the Companies Act, 2008 (the Act), until 30 April 2020.