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Protech liquidators appointed

Protech liquidators appointed

Photo by Duane Daws

28th July 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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Liquidators have now been appointed to wrap up the liquidation of financially distressed civil engineering group Protech Khuthele Holdings.

Theodor Wilhelm van den Heever, Mark Abraham Christian, Irene Susan Ponnen and Mohamed Ismail Patel have been appointed to conclude the liquidation of Protech Khuthele Holdings, Protech Khuthele and Protech Readymix.

This had followed business rescue practitioner Gavin Gainsford’s determination, earlier this month, that there was “no reasonable prospect of rescuing” the companies.

The group had experienced significant financial difficulties in the year ended February 28 as a 33.33% joint venture project in the Democratic Republic of Congo weighed on its performance.

Protech Khuthele Holdings had incurred an after-tax loss of R111.2-million for the financial year.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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