The outcome for creditors owed money by Tongaat Hulett hung in the balance as its provisional liquidation application was heard in the Durban High Court today.
This follows the collapse of its business rescue plan earlier this year.
The hearing marks a decisive moment for the embattled sugar producer, which has been under business rescue since October 2022. The business rescue plan was agreed to by stakeholders at the end of May 2023.
Tongaat Hulett advised shareholders on 12 February 2026 that the sale agreements underpinning its rescue plan had lapsed after suitor Vision declined to grant an extension, leaving the plan no longer capable of implementation.
Can’t rescue
The business rescue practitioners said there was no longer a…