Collapsed journey company STA Journey owes tens of millions to buyers and staff

Karen

The to start with report by the provisional liquidators of STA Travel paints a grim image of the defunct journey company.

STA Vacation was placed in liquidation on 30 September, pursuing the submission of a distinctive resolution to the Organizations and Intellectual Home Commission (CIPC).

On 13 Oct, GroundUp documented on the chaos that adopted the collapse of the enterprise.

Shortly right after publication, on 16 October, an formal of the Masters of the Significant Court verified to GroundUp that a liquidation application had been released in Cape Town.

On 28 October, Jurgens Steenkamp and Cheryl Jones from JJS Administrators had been appointed as provisional liquidators.

According to their initial report, a hold has been positioned on STA Travel’s accounts by the liquidators.

Its total belongings sum to R3.7 million, though its liabilities complete R213.5 million, like R2.1 million owed to about 200 personnel. Approximately 27,000 consumers are owed an believed R91 million.

In accordance to the liquidators’, the future move in the liquidation system is for the Masters of the Substantial Court to convene a conference of lenders and shareholders. This assembly would finalise the appointment of liquidators and submission of proof of promises.

Created by James Stent

This write-up was to start with revealed on GroundUp. You can browse the initial article right here


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