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

There are currently no matches being played
FIXTURE GMT VENUE
Wed, 31 May 2017
New Zealand U20 v Scotland U20 09h00 AIA Arena
England U20 v Samoa U20 09h00 Tbilisi
South Africa U20 v France U20 11h30 Tbilisi
Ireland U20 v Italy U20 11h30 AIA Arena
Argentina U20 v Georgia U20 14h00 Tbilisi
Australia U20 v Wales U20 14h30 Tbilisi
Fri, 02 June 2017
Blues v Reds 07h35 Auckland
Sat, 03 June 2017
Crusaders v Highlanders 02h35 Christchurch
Chiefs v Waratahs 05h05 Hamilton
NZ Barbarians v B&I Lions 07h35 Toll Stadium
Brumbies v Rebels 09h45 Canberra
Force v Hurricanes 11h35 Perth
Sun, 04 June 2017
Ireland U20 v Scotland U20 09h00 AIA Arena
Argentina U20 v France U20 09h00 Tbilisi
New Zealand U20 v Italy U20 11h30 AIA Arena
Australia U20 v Samoa U20 11h30 Tbilisi
South Africa U20 v Georgia U20 14h00 Tbilisi
England U20 v Wales U20 14h30 Tbilisi
RESULT SCORE
Sun, 28 May 2017
Lions v Kings 54 | 10
Sat, 27 May 2017
Jaguares v Brumbies 15 | 39
Munster v Scarlets 22 | 46
Sharks v Stormers 22 | 10
Wasps v Exeter Chiefs 20 | 23
Bulls v Hurricanes 20 | 34
Rebels v Crusaders 19 | 41
Highlanders v Waratahs 44 | 28
Sunwolves v Cheetahs 7 | 47
Fri, 26 May 2017
Reds v Force 26 | 40
Blues v Chiefs 16 | 16
Sun, 21 May 2017
Waratahs v Rebels 50 | 23
Sat, 20 May 2017
Kings v Brumbies 10 | 19
Munster v Ospreys 23 | 3
Wasps v Leicester Tigers 21 | 20
SUPER RUGBY
MORE LOGS
Pool AU
Team P W D L Pts
Brumbies 12 5 0 7 28
Waratahs 12 4 0 8 19
Force 12 4 0 8 17
Reds 12 3 0 9 16
Rebels 12 1 1 10 8
Pool NZ
Team P W D L Pts
Crusaders 13 13 0 0 59
Hurricanes 12 10 0 2 48
Highlanders 13 10 0 3 45
Chiefs 12 9 1 2 45
Blues 13 6 1 6 33
Pool SA1
Team P W D L Pts
Stormers 12 7 0 5 34
Cheetahs 13 3 0 10 16
Bulls 12 3 0 9 15
Sunwolves 12 1 0 11 7
Pool SA2
Team P W D L Pts
Lions 13 12 0 1 56
Sharks 13 9 1 3 42
Jaguares 12 5 0 7 24
Kings 12 4 0 8 19