MANUFACTURING: Atlantis Forge Liquidators Appointed
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Provisional liquidators have been appointed for the vehicle component manufacturing company Atlantis Forge and, according to the trade union Solidarity, negotiations with prospective buyers of the company will start soon. Solidarity believes this is a huge victory for the manufacturer, whose employees have not received a salary since January.
Atlantis Forge was officially placed under provisional liquidation last Friday after the Bloemfontein High Court had originally placed it under provisional liquidation in February this year. However, Solidarity rejected the first request for liquidation because the court did not have jurisdiction in the request. The company is located in Cape Town. The application was subsequently brought before the Cape High Court.
Johan Engelbrecht of Icon Insolvency Practitioners, whom Solidarity proposed as provisional liquidator, has meanwhile been appointed as one of the provisional liquidators. Three other provisional liquidators have also been appointed.
According to Solidarity spokesperson Jaco Kleynhans, this appointment at Atlantis Forge now gives the provisional liquidators locus standi to consult with prospective buyers. It also offers prospective buyers the opportunity to start negotiations for the acquisition of the company and, eventually, to put the component manufacturer back on track as soon as possible. Kleynhans confirms that many companies have already shown an interest in Atlantis Forge. Engelbrecht has meanwhile also indicated that he is very positive about the possible buyers who have already shown a real interest in Atlantis Forge.
“Employees at the company are going through a very tough time. In fact, the situation is already so bad that Solidarity has started a feeding scheme there. The sooner Atlantis’ wounds are cleaned, the sooner employees can get back to work and earn a salary,” Kleynhans said. Engelbrecht also confirmed that talks with prospective buyers must commence as soon as possible.
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