Tongaat Hulett is officially shutting down, with the Business Rescue Practitioners (BRPs) having exhausted all possible avenues to save the company.
The BRPs applied to the KwaZulu-Natal Division of the High Court for an order to commence the company’s business rescue proceedings and to place Tongaat into provisional liquidation.
The BRPs said that they had exhausted all reasonable endeavours to save the sugar giant founded in 1892.
This decision comes after the Business Rescue Plan is no longer implementable due to the lapse of the Sale Agreements with Vision.
Tongaat entered business rescue in October 2022 following major accounting irregularities, financial…