Solidarity seeks extra liquidator for DRD mines
By Justin Brown
Trade union Solidarity has applied for a fourth provisional liquidator to be added to the other three liquidators that are involved in the liquidation of South African gold miner DRDGold`s (DRD) Buffelsfontein Gold Mines Limited, a Solidarity spokesperson said.
In March, DRD put the estate of Buffelsfontein Gold Mines Limited - which is the holding entity for the Hartebeesfontein and Buffelfontein gold mines - into liquidation, which saw about 6 500 people lose their jobs.
Solidarity has proposed the appointment of Johannes du Plessis of Saftrust to serve as a liquidator of the Buffelsfontein estate, along with the three liquidators already appointed, which are Barend Petersen of Sizwe Ntsaluba, Norman Klein of Westrust and Sogopotje Sheila Mphahle of Merithing.
`Solidarity wasn`t invited to attend the first meeting of creditors and there isn`t a liquidator to look after the workers` interests,` Solidarity`s spokesperson said.
Solidarity is representing 268 people who worked for the Hartebeesfontein or Buffelfontein gold mines and who have a claim against the estate.
The total claim of the 268 former workers is R21.440 million.
According to Section 98A of the Insolvency Act, the 268 former workers are preferential creditors of the Buffelsfontein estate, the Solidarity spokesperson added.
This means that the workers` claim sits behind secured Buffelsfontein estate creditors, but ahead of concurrent creditors.
If the additional liquidator isn`t confirmed by Friday, Solidarity will make an urgent application to the Supreme Court in Pretoria on Monday, 11 April, 2005, at 2.00pm, the union stated. - I-Net Bridge
Published on the web by Business Report on April 8, 2005.
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