Mango in business rescue.

[GLF4]

Depends on what the word "reasonable" means to you.

[snoopy]

Every reasonable prospect month for the BRP, is another pay cheque for the BR firm, paid by money that comes from?

When that kitty dries up - they'll probably start singing a different tune. Keep in mind the BR firm remains no 1 on a liquidation waterfall as creditor. There have been interesting court cases involving this BR firm in the past.

Find them and read the court judgements. Its accessible to the public if you know where to look.

[GLF4]

BR, the gravy trough that keeps on giving...

[Volo]

I think at the Root of the problem with Mango and for that matter SAA is the fact that the Business Rescue Process is ill conceived and is open to abuse with next to NO checks & balances to cancel its application .
I had occasion 3 years ago to apply for the liquidation of a company owing one of my companies a sizeable amount of money ( for me that is ) .
Three months after my application the company indicated that they were applying for Business rescue which they failed to do. I was presuaded by my council to apply for it on their behalf so as to give the party no more time to delay matters . This I duly did and the BRP practioner was given 25 days to present argument for their rescue .
A year later they had not produced a report that ultimately proved they were beyond rescue and another 6 months for the entire matter could be brought to a court and ultimately liquidated.
The BRP could easily have found within days of their interrogation of the company that it was beyond rescue but I was left with no way of finding against the BRP.

[snoopy]

November - most recent notice update.

31 October 2024
Status Report in terms of section 132(3) of the Companies Act 71 of 2008, as amended,
(“Companies Act”), read with Regulation 125

CONCLUSION

The BRP remains of the opinion that there is a reasonable prospect of rescuing the Company, or
that the BR Proceedings would result in a better outcome for creditors and the shareholder of
the Company than would otherwise be achieved should the Company be placed in liquidation.

SIPHO SONO
Business Rescue Practitioner

https://flymango.africa/wp/wp-content/u ... r-2024.pdf

[Volo]

They have to be kidding .
This is the same cut and paste report submitted for the 36 th time since 2021 and all this time he gets a fee as the Business rescue practioner .
Please can I be your assistant - I come cheap .

[117]

Speaking of cut and paste (from the flyafrica page)

GOVERNMENT GAZETTE No. 51657, published 29 November 2024 CANCELLED LICENSES

A) Full name and trade name of the license holder. (B) Full business or residential address. (C) Class of license & license number. (D) Type of air service. (E) Category of aircraft.
(A) Comair Limited trading as British Airways-Comair. (B) Fortress Street & Whirlwind St Rhodesfield, Kempton Park, South Africa, 1619. (C) Class I (S066D). (D) Type S1 & S2. (E) Category A1 & A2.
(A) Comair Limited trading as British Airways-Comair. (B) Fortress Street & Whirlwind St, Rhodesfield, Kempton Park, South Africa, 1619. (C) Class II (N067D). (D) Type N1 & N2. (E) Category A1 & A2.
(A) Mango Airlines (Pty) Ltd trading as Mango (B) Mezzanine Level, Domestic Departure Terminal, OR Tambo International Airport, 1827. (C) Class II (N891D). (D) Type N1 & N2. (E) Category A1.
(A) Mango Airlines (Pty) Ltd trading as Mango (B) Mezzanine Level, Domestic Departure Terminal, OR Tambo International Airport, 1827. (C) Class I (S890D) . (D) Type S1 & S2. (E) Category A1.

Does that mean @snoopy will not get his money back and the BRP is going to be closed?

[snoopy]

I may be wrong, but I think the owner (DPE/SAA) who ditched Mango, used our flight money , Millions of it, to get its other airline into the air again... using very creative accounting.

ESKOM screwed the paying consumer over, I doubt this is any different in MO. The liquidation waterfall always started with the BRP being the first to get paid...and well its still getting paid every month, because of its cut and paste expectations presumed... most likely to be continued till the piggy bank to feed from is empty.

The state (as owner of this state enterprise) stole our R xx 000, it was easy money to steal, and it had no intension of paying us interest on that money it was presumedly holding in "our interest" somewhere. We've lost 4.5 bank years of interest on that money so far while the BRP just keeps on regurgitating the same story while selling off Mango's assets.

This act wont be forgotten. And its a lesson in dealing with the new state system.Also why I will never use my money to fly with a state owned airline in SA ever again. My money is best spent elsewhere.