Post Provisional Judicial Management Order

November 2009

Administration

Within days of the provisional judicial management order the telephone line of Bluezone Property Investments (Pty) Ltd (in liquidation) was inundated with calls to such an extend that it became impossible to assist every stakeholder. An e-mail address management@bluezonegroup.com was created to improve response time and alleviate the workload. A total of 647 emails were received between the 18^th and the 30^th of November 2009.

A first report was drafted and sent on the 27^th of November to all brokers’ and stakeholders’ e-mail addresses of which the judicial manager

had access.

Application for Extension of Powers of Provisional Judicial Management Order

Applications for extension of power of the provisional judicial management orders were brought and granted by the High Court on the 27^th of November 2009 on all the property companies, to inter alia -

§        Appoint key personnel to maintain property administration and management to ensure protection of the companies’ assets

§         Allow litigation by the provisional judicial managers

§        To agree to any composition offer or offer to purchase made to the property companies

§        Allow tendering of liquidation claims on behalf of the property companies

§        To appoint legal advisors and forensic auditors to investigate the financial affairs of the property

      companies

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