The High Court in Johannesburg has ordered that Bosasa’s decision to voluntarily liquidate the company is reviewed and set aside.
The directors of African Global Holdings, formerly know as Bosasa, argued that they were ill-advised and did not properly read the documentation before signing off on it.
The decision to liquidate was taken in February after the company’s bank’s announced they would close their accounts – citing reputational risk.
The court has also declared that the liquidators must surrender control of the company back to its directors within 12 hours.
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