Update regarding 1time Airline’s Provisional Liquidation

09 November 2012

Following the announcement on 2 November 2012 that 1time Airline would apply for Suspension of Services, herewith an update on the status of the company.

On Tuesday, 6 November 2012 Dr Gerhard Holtzhauzen, 1time’s Business Rescue practitioner filed an application for the termination of the Business Rescue proceedings, and for the airline to be placed under provisional liquidation.

The North Gauteng High Court subsequently issued a provisional liquidation order on Wednesday, 7 November 2012, and decreed that that the return date for the order would be 11 December 2012, at which time the court will rule on the final closure of the business.

On the same date, the Master of the High Court appointed Aviwe Ndyamara as the provisional liquidator. Ndyamara is currently investigating the affairs of the company and has commenced his statutory obligations as provisional liquidator.

These obligations involve engaging with all stakeholders in interrogating various options of investment into 1time Airline (Pty) Ltd Registration Number 2003/020975/07, with the ultimate objective of reviving the company and saving jobs.

The provisional liquidator will communicate any additional information with all stakeholders, as soon as he is in a position to do so.

In the meantime, further information is available on the following website www.tshwanetrust.co.za.