SA Roadlink reaches settlement to stop liquidation

2013-05-20 11:07

SA Roadlink has reached a settlement with FirstRand Bank and will not be liquidated.

“We do not deny that the bank did lodge the application, but we have sat down with them and agreed on a settlement which will be made an order by the court on Tuesday,” the company’s spokesperson Marnus Kruger told national daily, The New Age.

The newspaper previously reported that the company owed the bank about R6 million.

The bank had reportedly applied for a liquidation order, claiming the bus company was in a “dire financial position and unable to pay its debts”.

According to the newspaper, Roadlink bought five buses each worth R1.08 million in 2011, and was R1.4 million in arrears on the payments, excluding interest, by November 2012. It also reportedly owed R1 million to the bus manufacturing company Scania SA.

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.