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EP Rugby has been permanently liquidated in the Port Elizabeth High Court. The cash-strapped Union was provisionally liquidated on the 10th of March this year and given three months to come up with a business rescue plan. SA Rugby subsequently took over the administration of EP Rugby but announced last week that the mystery investor who had wanted to buy a 49% stake in EP Rugby had pulled out of the business rescue plan.
In a brief ruling on Thursday morning, Judge Phakamisa Tshiki ordered that EP Rugby be permanently liquidated. Two groups of EP Kings players, comprising 36 players in total, had brought the initial liquidation order in an attempt to recoup millions of rand in unpaid salaries.
Lawyer Craig Jessop, representing one of the groups, said EP Rugby now essentially becomes the property of the liquidator and that he was satisfied that the process had come to conclusion. "We look forward to the next process.
We of course still have our eye on the recovery of the monies due to the players and we will be working closely with the liquidator seeing how best to do that under the circumstances.
We understand that there has been discussions between SARU and the liquidator and also other interested parties, to see what can be done in terms of the process. We are ready to hand over documentation to the liquidator, to take it further from here" he said.
