Panamo Properties (Pty) Ltd

Standing of Matter
Board of directors passes resolution for Business Rescue on
File notice of resolution with CIPC on
Publish notice to affected parties-within 5 days from filing
Company nominates a BRP within 5 days of filing
CIPC confirms the appointment of BRP
File notice to CIPC on BRP appointment within 2 days
Publish notice to affected parties of BRP wihin 5 days
First meeting of creditors-10 days from appointment
First meeting of employees-10 days from appointment
Publish Business Plan within 25 days of appointment of BRP on
Notice of meeting to determine Business Plan
Meeting to determine Business Plan 10 days after publication
Progress Report (Status)
24 Jan 2012-Business Rescue Plan adopted. 29 Feb 2012- Co unable to secure funding as provided for in BR Plan. 3 April 2012- public auction for sale of Boschkop Property. 1 June 2012- Attorneys instructed to attend to transfer. 2 July 2012- Boshkop property not assessed by City of JHB, cannot obtain clearance certificate. 1 August 2012, clearance for Boshkop property remains outstanding. Sept 2012- Shareholders issue summons to set aside Boshkop property sale. Oct 2012- Still unable to obtain clearance from COJ. Nov 2012- pre Business rescue sale of Roodekrans property cancelled. Directors issue application to have BRP removed. Matter opposed. 2013-1-22 litigation to set aside the sale by public auction of the Boschkop property is ongoing. I have filed my answering affidavit and the applicant has in turn filed its replying affidavit. The motion for interim relief to prohibit the transfer of the property pending the outcome of a formal action now needs to be enroled and a date allocated for the hearing there off. As previously reported we have cancelled the pre-existing agreement for the sale of the Roodekrans property and we have retained the deposit paid as "Roukoop", pending the eventual sale and transfer of this property. Feb 2013-current status remains as per the report in January as we still wait for the enrolment of the application for the interim relief and the removal of the business rescue practitioner.