Silver lining for liquidated Kings

Fri, 20 Jan 2017 14:37
Large ep kings saved 800

NEWS: There is a silver lining around the dark cloud that enveloped the liquidated Eastern Province Kings. Jan de Koning reports.

Independent liquidator Danie Acker confirmed to rugby365 that he is close to 'making a deal' that will bring to a conclusion the protracted liquidation saga of EP Rugby (Pty) Ltd.

The web of mismanagement that led to the liquidation of EP Rugby, the commercial arm of the Eastern Province Rugby Union, has been under the spotlight since the provisional order was confirmed in August last year.

Acker said it was important to finalise the process so that the creditors can get (at least some of) the money owed to them.

"We are busy with the 417 [inquiry]," he told rugby365 about the section of the Companies Act that deals with the powers of a court or the master in conducting an insolvency enquiry.

"We are talking with various parties," he said of the possibility of a deal or deals being struck that will bring the process to conclusion.

However, he could not divulge any details, because of the sensitive nature of the negotiations.

EP Rugby Union Pty Ltd was placed in final liquidation by the Port Elizabeth High Court in August last year, with its debts totalling ZAR58 million.

The legal proceedings date back to January 2016, when a group of aggrieved rugby players took their employer to court.

Trouble started way back in July 2015, when EP Rugby failed to pay players' salaries and other debts totalling R18-million.

At the beginning of 2016 the players' union, MyPlayers, successfully applied for the provisional liquidation of the EP Kings.

The liquidation was finalised last month when the EPRU President Cheeky Watson failed to secure a R200-million sponsor as part of a business rescue plan.

Initially EP Rugby suggested they had a backer who was willing to invest ZAR100-million over the next five years (at ZAR20-million per year).

However, it was subsequently revealed that the Kings' benefactor, Christopher Wishlade of Integrated Sport, himself was declared bankrupt in 2015 and on at least one previous occasion - resulting in the failure of the business rescue.

By Jan de Koning
@king365ed
@rugby365com

Western Province vs Griquas
sast: 17h15 | local: 17h15

  • 31 | 13
LIVE
FIXTURE GMT VENUE
Sat, 23 September 2017
Bath v Newcastle Falcons 14h00 Recreation Ground
Saracens v Sale Sharks 14h00 Allianz Park
Harlequins v Leicester Tigers 14h00 Twickenham Stoop
Connacht v Cardiff Blues 14h15 Sportsground
Kings v Zebre 17h35 Nelson Mandela Bay Stadium
Scarlets v Edinburgh 18h35 Parc y Scarlets
Sun, 24 September 2017
London Irish v Northampton Saints 13h00 Madejski Stadium
Exeter Chiefs v Wasps 14h00 Sandy Park
Fri, 29 September 2017
Sharks v Golden Lions 17h00 Durban
Newcastle Falcons v London Irish 18h35 Kingston Park
Worcester Warriors v Saracens 18h35 Sixways
Sale Sharks v Gloucester 19h00 AJ Bell Stadium
Glasgow Warriors v Treviso 19h35 Scotstoun Stadium
Leinster v Edinburgh 19h35 RDS Arena
Scarlets v Connacht 19h35 Parc y Scarlets
Sat, 30 September 2017
Griquas v Free State Cheetahs 12h00 Kimberley
Leicester Tigers v Exeter Chiefs 13h00 Welford Road
Munster v Cardiff Blues 13h30 Thomond Park
Wasps v Bath 14h00 Ricoh Arena
Northampton Saints v Harlequins 14h00 Franklin's Gardens
Cheetahs v Ospreys 14h00 Bloemfontein
SUPER RUGBY
MORE LOGS
Pool AU
Team P W D L Pts
Brumbies 15 6 0 9 34
Force 15 6 0 9 26
Reds 15 4 0 11 21
Waratahs 15 4 0 11 19
Rebels 15 1 1 13 9
Pool NZ
Team P W D L Pts
Crusaders 15 14 0 1 63
Hurricanes 15 12 0 3 58
Chiefs 15 12 1 2 57
Highlanders 15 11 0 4 51
Blues 15 7 1 7 37
Pool SA1
Team P W D L Pts
Stormers 15 10 0 5 43
Cheetahs 15 4 0 11 21
Bulls 15 4 0 11 20
Sunwolves 15 2 0 13 12
Pool SA2
Team P W D L Pts
Lions 15 14 0 1 65
Sharks 15 9 1 5 42
Jaguares 15 7 0 8 33
Kings 15 6 0 9 28