By: Kelvin Chiringa
The duo of David Bruni and Ian McLaren could be the most powerful liquidators after they were given sweeping powers over the winding up of Air Namibia’s affairs.
The two are also looking after the SME Bank corpse as well as checking out the assets of the Fishrot-accused after the prosecutor-general was granted a provisional restraint order.
With Air Namibia, the duo has powers ranging from debt collection, burning of company documents, as well as employing staff needed for the process.
A latest general meeting has now resolved to approve all actions of the joint provisional liquidators.
A second general meeting of creditors and members in the matter of the liquidation of Air Namibia was held on the 1st of September 2021 for the purposes of proving claims, receiving the liquidators report and giving directions as to the further winding up of the airline.
The meeting authorised the liquidators to collect any outstanding debts due to Air Namibia for the purpose of either selling or compounding any debts on terms and conditions they may deem fit.
They have also been authorised to abandon claims they may deem irrecoverable.
Another resolution was that the liquidators should be authorised to employ auditors to investigate and write up the books of Air Namibia up to the date of liquidation.
These will have to produce an audited balance sheet.
Furthermore, the liquidators have been empowered to engage the services of the attorneys and council in connection with any matter arising out of or related to the affairs of the airline.
They have been authorised to depose of the immovable and moveable assets of the airline by public auction, public tender or private treaty.
The mode of sale for any one or more of the assets is to be at the discretion of the joint liquidators.
The meeting resolved that the liquidators can make an application for the destruction of the books and records of Air Namibia six months after the confirmation of the final account.
They can sign all necessary documents as may be required to effect transfer of the ownership of assets, immovable property to the purchasers.
Bruni and McLaren also have the power to hold an inquiry into how Air Namibia was formed as well as its affairs.
In the event of any assets subject to a mortgage bond, pledge or other form of security not realizing sufficient to pay the claim of the secured creditor, they can abandon the assets at an agreed valuation.
They can discharge and engage employees, fix their remuneration as well as continue to lease the premises of Air Namibia.
They have been authorised to abandon any asset if it is, in their opinion, of no value to the estate.
Air Namibia’s administration has thus been left in the hands of Bruni and McLaren.
Air Namibia was provisionally liquidated by an order of the High Court of Namibia on the 26th of February 2021 and registered by the registrar of companies on 24th February 2021.
A first of its kind general meeting of creditors was also held on the 5th of May 2021 where three claims were lodged and admitted in the amount of N$896 404 086.93.
The same meeting also confirmed the appointment of the provisional and final liquidators.
Air Namibia’s assets have been placed at N$1 110 358 173 while liabilities are N$2 397 956 943.
The airline’s apparent shortfall stands at N$2.3 billion.
The report has highlighted that there appears to be no liability by directors of office bearers of Air Namibia for damages or compensation to the airline.
The report has also said that Air Namibia’s accounting records appear to have been adequately maintained while concurrent creditors have been advised not to lodge claims pending further advice by the liquidators.
