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Phumelela – Creditors Meetings

Zoom - 22 May 2020 at 10h00

Two notices have been issued to all potential creditors of Phumelela Gaming & Leisure Limited by Business Rescue Specialist John Evans

Evans advises that he has convened and will be presiding over the first meeting of creditors of the Company to be held on Friday 22 May via an online Zoom meeting from 10h00 to 12h00.

Creditors who wish to attend the meeting are required to register to do so by clicking here

 

Creditors will be required to submit the following information to register to attend:

  •  Name of Creditor
  • Name of authorized representative
  • Contact Details
  • Claim Value

Only creditors who have registered to attend and provided the required information will be admitted to the online meeting.

  • Agenda items listed:
  • Introduction and background.
  • Whether the business rescue practitioner believes that there is a reasonable prospect of rescuing the company.
  • Receipt of proof of claims by creditors.
  • Formation of a creditors’ committee.
  • Consider request for extension of time to publish business rescue plan

You are required to lodge your claims against the Company.

The claim form is included below and should be emailed to [email protected].

A further notice is published for the same date, but from 12h00 to 13h00, to secure the creditors and members approval of the agreement concluded between the company and the BRP in regard to the further remuneration of the business rescue practitioner of the Company as provided for in terms of section 143(3)(a) and (b) of the Act.

It advises that an additional fee, as contemplated in Section 143 (2) of the Act, will be calculated as follows:

Conditional on the first meeting of creditors being duly convened and held, the business rescue practitioner will be paid an additional fee of R2600 (including vat) per hour (in effect increasing the hourly rate of the BRP from the statutory rate for a medium company of R2000 per hour including vat to normal commercial rates of R4000 per hour, (excluding VAT).

The additional fees will be backdated to commencement of business rescue and will persist for the duration of business rescue; and the business rescue practitioners will be paid 2.5% of all amounts recovered for the benefit of creditors and shareholders if a business rescue plan is adopted.

The additional fees will be paid to the business rescue practitioner on or before the termination or completion of business rescue.

Please click on the links below to read the various documents:

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3 comments on “Phumelela – Creditors Meetings

  1. Longers says:

    Have never posted on this platform before, but have to say I am thrilled with the professionalism starting to emerge with this business rescue initiative headed up by John Evans made possible by MOD.

    1. Editor says:

      Welcome Longers

  2. Rikesh says:

    I find it offensive for a business rescue Practitioner to accept an appointment on the statutory terms and conditions and thereafter focus on self enrichment by seeking to double his hourly rate. The companies act makes provision for his ability to rescue a company by means of a success fee. Creditors ought to frown upon this request to have the tariff fee as gazetted and subscribed to by all business practitioners increased and therefore reject the request!

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