Distressed Property Auctions & Business Rescue Instructions

As an alternative to Liquidations, Business Rescue has lately become a popular mechanism to try and assist companies in financial distress.

Distressed Property Auctions & Business Rescue Instructions

While the majority of In2assets auction properties are listed by their owners as a first choice of disposal, we do also from time to time deal with distressed properties, urgent sales and legal instructions such as insolvent or deceased estates or company liquidations. These types of sales can often generate good interest as buyers are afforded the opportunity to purchase properties that may not ordinarily come into the market or, due to their urgent nature.

As an alternative to Liquidations, Business Rescue has lately become a popular mechanism to try and assist companies in financial distress.

Business Rescue is a legal order granted by a court, similar to a liquidation order, whereby a suitably qualified person is appointed to attempt to trade an ailing business through difficult times. This is an alternative to liquidation when a business is deemed to have sufficient assets or to have a reasonable prospect trading itself back into a liquid position. As part of the business rescue process, the Business Rescue Practitioner is granted full authority to sell properties or assets and make decisions in the best interest of creditors.

On auction on 14 April 2016 are 3 such properties whereby In2assets has been appointed by the BRP concerned to sell. These properties are as follows:-

Unit 12 & 13 Dura Industrial Park, which is a ±1600m² office building located in New Germany which could suit use as a college or call centre due to its proximity to public transport routes.

6 Old Main Road - Gillitts, which is ±7000m² development property close to the M13 Highway between Kloof & Hillcrest in a developing retail node.

Msinsi Development Sites – Kingsburgh, which properties are the remaining 13 residential development stands within the Msini Estate residential development.

The properties will be sold at the In2assets Combined Property Auction to be held at the Durban Country Club on 14 April at 11h00.

For more info on these properties please contact Scott McNair on 0828305208 or smcnair@in2assets.com or visit www.in2assets.com

 

 

 

Posted by In2Assets