Alert Steel sees creditors meeting adjourned - CNBC Africa

Alert Steel sees creditors meeting adjourned

Southern Africa

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Alert Steel is a steel and steel-related products retailer. PHOTO: Getty Images

The South African steel and steel-related products retailer, who applied for business rescue proceedings in May, indicated that the creditors meeting had been scheduled for 4 July 2014.

“In terms of the order, any person wishing to oppose the application is obliged to file their notice of opposition by 8 July 2014,” [DATA AET:Alert Steel] said.

(READ MORE: Alert Steel toughens mettle amid tough trading conditions)

“The court made further directions relating to the filing of affidavits and a return date of 22 July 2014 for the arguing of the application. Should a copy of the order be available, copies of the order will be made available at the meeting.”

Alert Steel announced earlier this week that chairman, Mitesh Patel had resigned from the company board, effective 27 June 2014.


Civil engineering group, [DATA PKH:Protech Khuthele] also announced earlier this week that its business rescue proceedings had been stopped.

(READ MORE: Protech files for business rescue)

“The appointed business rescue practitioner has concluded that there is no reasonable prospects of rescuing Protech, Protech Khuthele and Protech Readymix, and is applying to court for proceedings to be discontinued and for the companies to be placed under liquidation,” the South African company said.

“In addition, the company is illiquid and unable to pay its debts as they become due and payable. The company cannot continue operating and incurring debts without a guaranteed source of funding for the company going forward.”