AGI: subsidiary directors apply for liquidation

AGI“s subsidiary directors have reportedly applied for provisional liquidation.
In a statement, the troubled manufacturer and wholesaler of glass and aluminium products said applications have been m…

AGI“s subsidiary directors have reportedly applied for provisional liquidation. In a statement, the troubled manufacturer and wholesaler of glass and aluminium products said applications have been made today by the directors of various subsidiaries of AGI for the provisional winding up of each of the companies. The companies contain the majority of the trading assets and liabilities of AGI as well as being the employers of AGI“s staff. This could become South Africa“s first liquidation of a billion-rand-a-year company. News of the company“s difficulties were released on 3 December, as banks closed the group“s three factories and 11 branches in all major centres, exercising a court order to perfect their assets.