GEORGE NEWS - The beleaguered Niflas Silhouette Platform investors are dead set against the liquidation of the 82 companies that resort under the platform and informed the Western Cape High Court in Cape Town on Monday that they intend to oppose the liquidation application lodged by Niflas Rescue Practitioner, Koos van Rensburg. The liquidation hearing is scheduled for Friday 6 November.
The Niflas Creditors Committee Chairman, local businessman Charlie Breedt, said the investors believe they would be better off if they stick to the business plan that was approved in April. The plan entails the creation of a new company to manage the platform's assets and liabilities.
"We should give the rescue plan a chance. If we opt for liquidation, only one person stands to make money and that is Koos van Rensburg." According to Breedt, the expenses incurred by Van Rensburg since Niflas Silhouette was placed under business rescue in October 2014, are in excess of
R1,2-million.
"This is only until 23 September. His liquidation application has since started, so we are expecting phenomenal expenses for October and November." Van Rensburg, a lawyer, told the George Herald that he has a complete paper trail of all the work he has done. "Everything is on file and the fee is calculated in accordance to a set tariff as determined by the Companies Act. My books are open."
Meanwhile Van Rensburg, who defends the liquidation application by citing inter alia contraventions of the Banks Act, has added at least another eight companies in the Niflas stable to his liquidation list. Niflas CEO and owner Pieter Strydom is a director of all these companies and in his liquidation application Van Rensburg alleges that the companies did not conduct business deals that would yield high returns as promised to investors who were expecting interest rates of up to 19%.
According to the liquidation documents, the shares in Green Bay Investments (a Humansdorp crèche) is 100% held in a trust owned by Strydom's sister and the shares in Picture Perfect (a George residential property) is owned by Strydom's son. Van Rensburg said that certain potential claims in favour of the Niflas Silhouette Group and ultimately the investors, need to be examined. "This can only be done by a liquidator during a liquidation examination."
But on Tuesday Van Rensburg met with George Nell, who represents the Niflas management, Strydom and the Strydom Family Trust, to discuss an alternative.
"I cannot discuss the negotiations between Mr Nell and myself, but it could lead to a settlement and the avoidance or postponement of the planned liquidation."
Breedt maintains that it is madness to set fire to a car that has merely broken down. "At the investors' meeting in April as well as in the business rescue plan, Mr Van Rensburg stressed that liquidation offers the worst possible outcome. We will fight the application with all our might."
Click here for previous articles:
- Liquidation application in court next week
- Niflas Silhouette to fight liquidation
- Niflas Silhouette to be liquidated
ARTICLE: ILSE SCHOONRAAD, GEORGE HERALD - EDITOR
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