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Best Of The Web : Liquidators selling ChemSpec stock and assets

Sep 18, 2015 bodyshop, Chemspec, paint


According to an article in Business Day this week: "The liquidators of Chemical Specialities (ChemSpec), a distributor and maker of industrial, decorative and automotive paint systems, were selling stock, assets and registering debtors, the group said on Friday.

The company was placed into provisional liquidation on August 5, with the Durban High Court appointing joint provisional liquidators, after major shareholders decided not to inject additional capital into the business this year.

"It is premature to determine whether a dividend will be paid to concurrent creditors. A recovery for shareholders appears to be extremely unlikely," ChemSpec said."

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