Manufacturing, trading and distribution company Ellies Holdings is likely to be liquidated, after the business rescue practitioner tasked with rescuing the company determined that there was no reasonable prospect of a successful business rescue.
JSE-listed Ellies in January entered into voluntary business proceedings.
In accordance with Section 141(2)(a)(ii) of the Companies Act, application will be made to the court for an order discontinuing the business rescue proceedings and placing the company into liquidation.