Business rescue ruled out, ATE now seeks international investors

This follows a judgement by the North Gauteng High Court concerning ATE South Africa and its shareholders. ATE has not been allowed to implement business rescue proceedings to resuscitate the company. On June 6, the judgement declared that the resolution passed by ATE in September last year to commence Business Rescue Proceedings has lapsed and become a nullity (as if it never existed), and then in a statement ATE said that applications to appeal the judgement were dismissed on June 13, defenceWeb reports.

For more:

• DefenceWeb: ATE seeking investors to restore company following court judgement ruling out business rescue proceedings