Johannesburg: Rockwell Diamonds said a court hearing to consider the merits of the liquidation application brought by C-Rock Mining against its three subsidiaries – Rockwell RSA, HC van Wyk Diamonds and Saxendrift Mine – that was scheduled for June 22 has been postponed to October 31, with the consent of all parties.
This date, it said, was subsequent to the proposed business rescue plan filing, which if accepted would also likely be compelling with respect to the liquidation application.
“The appropriate manner in which to deal with the suspended liquidation application will be included in the business rescue plan,” said Rockwell Diamonds.
The subsidiaries were successfully placed under business rescue in May by a court in Kimberley, South Africa as opposed to liquidation. All legal proceedings against the subsidiaries were stayed, while the liquidation process was suspended.
Rockwell said the business rescue practitioners were “actively” working alongside the company’s management to prepare a business rescue plan, which would deal with all claims against the respective subsidiaries.
The business rescue plan was required to be published on or before 30 September 2017. C-Rock Mining had claimed that it was owed monies relating to disputed invoices, reimbursement for tax penalties and other construction costs owed to it.
