Financial experts leading the liquidation of the Pencil Club hope to generate close to R80 million through the sale of its assets.
The premier social networking club in uMhlanga entered liquidation proceedings after falling into financial difficulty.
Businesspeople, law firms and auditing companies were just some of the elite members in the club.
The company handling the liquidation process, Manci Knoop Financial Services, stated that they were assessing the scale of the organisation’s debts. However, they believe about R80 million will be generated from the sale of the assets.
A general circular addressed to creditors and clients, which The Mercury has seen, provided information on the process being undertaken.
A few months ago, The Mercury…
