Rockwell Diamonds reported that a court in Kimberley, South Africa, last Thursday issued a temporary decree on liquidation of three subsidiaries of the company.
According to the company, an interim solution, which must be confirmed at the final hearing, was made in respect of Rockwell Resources RSA companies, HC van Wyk Diamonds and Saxendrift Mine Limited.
Court ruling does not affect the Rockwell Diamonds as the parent company.
To be appointed a temporary liquidator, who will take control of the three above-mentioned companies and will be managed in the interests of creditors before the final hearing, which is scheduled for June 22, 2017.
The Rockwell said that the prosecution has been initiated by C-Rock Mining, the former contractor Rockwell, who has filed an application for the liquidation of the three subsidiaries miners.
Allegedly, C-Rock relied on the alleged agreement on the service level agreement for the extraction of the contract, which has been detected within the legal process and was signed with the C-Rock in extremely dubious circumstances, as well as the obligation of Rockwell reimburse certain tax penalties and accrued interest thereon.
C-Rock also cited as an argument Rockwell obligation to pay certain debts Saxendrift and offset the cost of construction of a processing plant at Vouterspen (Wouterspan), as well as a large number of disputed invoices arising from the alleged informal agreements with some of the former leaders of the company.
Three subsidiaries of Rockwell challenged both the amount of compensation in the case, and the very essence of C-Rock claims.
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