The South Gauteng High Court on Wednesday issued a final order to wind up local regional airline SA Express, which was handed down without opposition.
The airline was tentatively liquidated in April 2020 after an attempt to save the business failed.
The proposal for final liquidation was put forward by the temporary liquidators, who stated that there are no prospects for saving the enterprise. In 2020, the temporary liquidators showed that the amount to be collected is 50 million rubles. At the time, the liquidators’ sale of the airline’s few tangible assets raised about 30 million rand.
In 2021, to save the airline, the airline’s employees, through the worker-owned organization Fly SAX, made a bid to buy the group’s tangible assets for 50 million rand. This was more than 60 million rand less than the provisional liquidators had valued the airline at the time. However, the organization did not receive the necessary financial support.
In early August this year, the Civil Aviation Board revoked the licenses of SAX because it did not comply with the licensing provisions of the International Air Transport Act. The loss of the licenses meant that SAX had no intangible assets left.
The liquidation of SA Express comes months after Comair’s business rescue specialists (BRP) filed for Comair to go into liquidation.
