Durban’s Pencil Club — a networking venue for the rich and famous — did not have sufficient money to keep going even until June.
Business rescue practitioner Eugene Nel was appointed by the club’s directors earlier this month in an attempt to stave off liquidation.
But on Wednesday Nel said it was hopeless.
TimesLIVE Premium reported on Tuesday the club had suddenly shut its doors, leaving about 95 full-time employees with no jobs.
Nel said he would bring urgent liquidation proceedings to wind up the holding company.
This means the employees, who were told on Tuesday there was no money to pay their February salaries and wages, will have to stand in line with creditors.
Nel was appointed on February 12 after a resolution by the…
