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My biggest creditors (a muslim firm) was owed R580 000. I was 7 months in arrears. They were not prepard to listen to my stories or wait anymore and they send the sherriff to close me down. The sherriff shut the doors and we had to leave the shop immediatly. In the meantime I collapsed financially and lost everything. All the goods in the shop will be auctioned soon and we are told that we will be lucky to get R200 000.00 for all the stock, fixture & fittings etc. The trade value of the stock was about approx: R500 000. and fixture & fittings about R100 000. The value of the business was about R1 million if I sold it lot stock & barrel.
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Owing creditors
Question ID:
39449