Business rescue not an option for Post Office | The Citizen

The joint provisional liquidators of the Post Office believe that business rescue is not an option as the embattled state-owned entity has been insolvent for some time, with a recently reported debt of R9.4 billion.

Shaban says since then it became evident that the Post Office owes numerous landlords unpaid rent and these amounts increase monthly. The liquidators took control of the Post Office on 30 March 2023 and used the past three months to bring themselves up to speed with the complicated affairs and financial position of the Post Office in an effort to keep the business afloat.

They say the higher distribution is possible if government honours its statutory guarantee obligation to the Post Office Retirement Fund, leaving a greater share of the R2.4 billion that was committed in the recent budget for distribution among non-employment related creditors. In both cases, employment-related creditors are estimated to receive 100 cents in the rand.

In addition, should the Postbank receive 10 cents in the rand as envisaged in the minister’s application, it will not meet the requirements to obtain a licence as a retail bank, something that is envisaged by the Postbank Bill that was passed by National Assembly on 28 February and the National Council of Provinces on 21 June and which is now awaiting approval by the president in order to be enacted into law, Shaban says.

مصر أحدث الأخبار, مصر عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

'Not an option': Post Office's provisional liquidators blast state's business rescue plan | BusinessThe provisional liquidators overseeing the SA Post Office have come out against a plan put forward by the Department of Communications and Digital Technologies to place the struggling entity in business rescue. | News24_Business
مصدر: News24 - 🏆 4. / 80 اقرأ أكثر »

Provisional liquidators argue against SA Post Office business rescueCommunications minister Mondli Gungubele has made an urgent application to the Pretoria high court which will be heard on Tuesday.
مصدر: BDliveSA - 🏆 12. / 63 اقرأ أكثر »

Two-pot pensions: Treasury clears up tax poser | BusinessAn example in a Treasury document has caused concern about the tax treatment of the so-called 'savings pot'. Treasury addressed these concerns, confirming that not accessing your savings before retirement will have big tax benefits.
مصدر: News24 - 🏆 4. / 80 اقرأ أكثر »

Up in smoke: The black tobacco farmers British American Tobacco left behind | BusinessSome small-scale black tobacco farmers in Limpopo feel that the tobacco industry supported them under the guise of an upliftment programme, but then used them to fight against illicit tobacco trade. By 2021, the financial support dried up.
مصدر: News24 - 🏆 4. / 80 اقرأ أكثر »