Aug 25, 2015 paint, Chemspec, Aftermarket, bodyshop
And its former chief executive Strath Wood – who left South Africa under a cloud of debt and whose estate is under threat of repossession – could have put the final nail in the coffin through his involvement in entities which own the property where the company is based. According to an affidavit filed with the court, the offer from an international investor to buy the business as a going concern for R175 was conditional on being able to lease the property where the company operated from.
Strath Wood and his family trust have interests in the company that owns the property and he sits as a director on its board. The affidavit also states that despite several attempts by the potential buyer to mediate an acceptable compromise regarding the lease, the parties were unable to reach an agreement.
Yesterday the company posted a circular to creditors regarding the liquidation (http://www.chemspec.co.za/docs/financial/business_rescue/termination/First%20Circular%20to%20Creditors.PDF)
Attempts to reach the company for comment have been unsuccessful.
Read the original story here: (http://www.bodyshopnews.net/index.php/component/k2/item/1095-end-of-the-road-for-chemspec )
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