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SA Express Granted Stay Of Execution In Liquidation Case

SA Express has been given a stay of execution after the National Union of Metal Workers of South Africa (NUMSA) filed an application at the Constitutional Court to block the placement of the airline in final liquidation.

The airline has been in provisional liquidation since April last year.

Investopedia defines liquidation as the process of bringing a business to an end and distributing its assets to claimants, which occurs when a company becomes insolvent.

There was a preferred bidder which was made up of former employees but they were unable to raise enough money.

In April this year, the Pretoria High Court granted another extension to the provisional liquidation process of SA Express on the basis of a pending application by NUMSA to the Constitutional Court opposing final liquidation.

SA Express, which was placed under business rescue, has been mucked in turbulence over the past year with the liquidation cloud hanging over its operations.’

The development comes a day after another airline, Mango, had temporarily suspended all flights over outstanding payments to the Air Traffic Navigation Services.

A number of companies in the tourism sector are yet to recover from the coronavirus setback.

The sector relies mainly on international travel which was not impossible since early last year as countries closed their borders to incoming and outgoing traffic.

More: Pindula News; eNCA

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