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the first report by the provisional liquidators of STA Travel paints a grim picture of the defunct travel agency.
STA Travel went into liquidation on September 30, following the presentation of a special resolution to the Business and Intellectual Property Commission (CIPC).
On October 13, GroundUp reported about the chaos that followed the company’s collapse.
Shortly after publication, on October 16, an official from the High Court Master confirmed to GroundUp that a request for liquidation had been initiated in Cape Town.
On October 28, Jurgens Steenkamp and Cheryl Jones of JJS Administrators were named interim liquidators.
According to their first report, the liquidators have retained the STA Travel accounts.
Its total assets amount to R3.7 million, while its liabilities amount to R213.5 million, including R2.1 million owed to some 200 employees. Approximately 27,000 clients are owed an estimated R91 million.
According to the liquidators, the next step in the liquidation process is for the Superior Court Masters to call a meeting of creditors and shareholders. This meeting would finalize the appointment of liquidators and the presentation of proof of claims.
Written by James Stent
This article was first published on GroundUp. You can read the original article here.
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