Steinhoff International Holdings NV: Request for postponement

DGAP-News: Steinhoff International Holdings NV / Keyword (s): Miscellaneous
13.09.2021 / 16:00
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LIQUIDATION REQUEST: AJVH HOLDINGS & AUTRES / SIHNV

As previously announced, with regard to the liquidation application procedure (“the liquidation request“) launched by AJVH Holdings and four others (“the candidates“) against Steinhoff International Holdings NV (“SIHNV“), certain preliminary matters have been set for a first hearing in the High Court of Cape Town (“the tribunal”) September 1-3, 2021. Preliminary matters included: –

1 a request, presented by the parties qualified as financial creditors of SIHNV, to intervene and oppose the request;

2 a request from the joint administrators (appointed by the Dutch court) of SIHNV to be: –

2.1 recognized as administrators appointed by the SIHNV court under the orders of the Amsterdam District Court of 15 and 18 February 2021 and by virtue of this recognition, be granted such authority to initiate and defend proceedings in Republic of South Africa, including the request;

2.2 granted leave to intervene and oppose the request; and

3 a request raised according to which the Court is not competent to liquidate SIHNV because SIHNV is an external foreign company (“The question of competence”),

(collectively “preliminary requests”).

On September 6, 2021, the Court issued an order (without reasons) denying the preliminary applications (“the Order of September 6”). For the avoidance of doubt, the Court made no finding on the merits of the claim and made no order in this regard.

Each of the financial creditors of SIHNV, the joint administrators and SIHNV filed a request for motivation of the September 6 Ordinance, as well as their respective applications for leave to appeal the September 6 Ordinance. In this regard, the Financial Creditors of SIHNV requested an appeal against the rejection of their request for intervention, the joint administrators requested both the rejection of their request for intervention and the rejection of the question of jurisdiction, and the SIHNV requested an appeal against the rejection of the jurisdictional challenge.

On September 8, 2021, the Court ordered that (a) the financial creditors of SIHNV, joint administrators and SIHNV be required to submit formal requests for postponement of the main liquidation request which is scheduled for 9, 14 and 15 September 2021, and (b) the postponement requests will be heard on September 9, 2021. The respective postponement requests were filed on September 8, 2021. The petitioners objected to the postponement requests.

On September 9, 2021, the Court ruled that the judgment had been reserved and that it was to be delivered during September 10, 2021.

At 6.15 p.m. on September 10, 2021, and by court order (“the Order of September 10”) which was again issued without reasons, the Court (a) ruled that the order of September 6 was not subject to section 18 (1) of the Superior Courts Act, Act 10 of 2013, in that the September 6 order is not stayed, pending the outcome of the application for leave to appeal the September 6 order, and (b) denied the postponement requests of each of the financial creditors of SIHNV, joint administrators and SIHNV.

Each of the financial creditors of the SIHNV, the joint administrators and the SIHNV now have: –

1 filed a request for motivation of the order of September 10;

2 served applications for leave to appeal the September 6 order on the Supreme Court of Appeal; and

3 served applications for leave to appeal the September 10 order.

In addition, both SIHNV and the financial creditors have filed today with the High Court requests for postponement of the hearing of the liquidation request.

The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited.

Stellenbosch, South Africa
September 13, 2021

09.13.2021 Distribution of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this advertisement.

DGAP’s distribution services include regulatory announcements, financial / corporate news, and press releases.
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