Govt. non-payment is key to Liviero going into Business Rescue
The days of an honest day’s work are long gone, along with the dream of building our country together. The ongoing crime and unwanted protests, and wanton destruction of property – will be the undoing of this beautiful country of ours with all its potential…
The latest victim in a long daily list is the Liviero Group:
Breaking news – 9 July. The Liviero Group has announced in a statement by its Chairman, Luca Liviero, that, as an interim measure in order reorganise its financial affairs, it has voluntarily placed its companies into Business Rescue.
The Group subsidiaries going into Business Rescue comprise: Liviero Building; Liviero Civils; Liviero Mining; Liviero Plant; and Liviero Energy.
The Liviero Group is South Africa’s largest privately black owned multi-disciplinary construction Group.
Liviero Civils
Key to this decision the Group cites that Liviero Civils is owed in excess of R81 million by government projects. The amount is due and payable and has precipitated legal action being instituted by Liviero to recover these monies from government departments.
Liviero Mining
Liviero Mining has a R4 billion order book and is responsible for 43% of the Group’s annual turnover. Cash flow is crucial to this subsidiary in order to maintain and service its fleet of plant and equipment valued in excess of R1 billion.
Challenges that have impacted negatively on Liviero Mining include: continuous labour unrest and unrealistic demands; intimidation of reliable labour by the community; malicious damage and destruction of plant and equipment; stoppages imposed by Dept. of Mineral Resources.
The statement concludes in saying that it is the Group’s honest intention to utilise this situation as an opportunity to successfully trade out of Business Rescue as soon as possible.