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Ayo court bid not urgent judge rules in blow to company’s trading status

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Decision might spell end of business as it will not find relief before deadline to close accounts expires

In a decision that might spell the demise of Ayo Technology Solutions, a judge in the Johannesburg high court ruled on Thursday that the application brought by the JSE-listed company to prevent First National Bank from closing its accounts will not be heard on an urgent basis.

This implies that it will be virtually impossible for Ayo to find relief from the courts as FNB’s imminent deadline to transfer or close the company’s transactional banking accounts before the deadline expires on May 3...A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

 

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