Eastern Province Kings "Provisionally Liquidated"

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Eastern Province Kings "Provisionally Liquidated"

Post by Shifty on Mon 28 Mar 2016, 11:00 am

http://www.rugby365.com/countries/south-africa/71661-business-as-usual-for-liquidated-kings

EASTERN PROVINCE RUGBY (PTY) LTD, THE PROFESSIONAL ARM OF THE EP KINGS, HAVE BEEN PROVISIONALLY LIQUIDATED.

However, EP Rugby said this will not impact on the EP Kings' preparations for the Currie Cup competition, which is due to get underway with a qualifying tournament next month.

The liquidation hearing - brought by South African Rugby Players Association on behalf of 18 players and another 18 players through an independent lawyer against EP Rugby - was held at the Port Elizabeth High Court on Thursday.

EP Rugby (Pty) Ltd, through their legal counsel had initially opposed the liquidation order on February 2 and were provided the opportunity to file the necessary opposing documents.

A judgement was delivered in favour of SARPA and the other players for provisional liquidation to be implemented against EP Rugby (Pty) Ltd.

This means that the company will now be placed under provisional liquidation and a liquidator will be appointed shortly to oversee the process.

"We are satisfied with the judgement and we will on behalf of the players, keep a close eye on proceedings in the following weeks," said Eugene Henning Managing Director of the Players' Organisation.

"As the organisation representing players in South Africa, we remain in communication with various stakeholders within the game and continue to explore various ways to solve this ongoing issue at EP Rugby [Pty] Ltd for the well-being of players and the sport of rugby," he concluded.

The provisional court order means EP Rugby have until May 10 to address the current "financial challenges" being faced.

In a statement EP Rugby said it is important to note that the provisional liquidation does not impact on the day to day operations of the 'Pty Ltd' in any way.

"This means that EP Rugby [Pty] Ltd will continue with our preparations for the upcoming Currie Cup tournament that begins on April 8 this year," the statement said.

"Further, it should be noted that the EP Rugby Union executive have been given a mandate by the clubs during the Special General Meeting on the February 25 to seek 'business rescue' in order to stabilise the financial circumstances of the union.

"We are currently engaging with our legal advisors as well as with SA Rugby, government and other stakeholder on this matter."

Shifty

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Re: Eastern Province Kings "Provisionally Liquidated"

Post by Rowanbi on Fri 01 Apr 2016, 4:00 pm

Does this mean they won't be involved in next year's Super Rugby competition?

Rowanbi

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Re: Eastern Province Kings "Provisionally Liquidated"

Post by Shifty on Sat 09 Apr 2016, 7:16 pm

Rowanbi wrote:Does this mean they won't be involved in next year's Super Rugby competition?

I've no idea, but their having money trouble apparently.

Shifty

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Re: Eastern Province Kings "Provisionally Liquidated"

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