Consolidated Steel Industries (Pty) Ltd (“CSI” or “the Company”) exited business rescue on 31 March 2022 after its business rescue practitioners declared ‘Substantial Implementation’ of the business rescue plan, as formally approved by over 95% of the Company’s creditors during early September 2020.
CSI’s creditor-approved closure of its Stalcor division in January 2021 and subsequent sale of its Global Roofing Solutions business in July 2021 leaves the Company with no remaining business operations.
The Company’s transactional activity since July 2021 relates principally to the collection of long outstanding residual debtor claims.
Most of the debt owing to CSI which could be collected, has already been collected, using collection agents, legal processes and other relevant professionals. Proceeds from these collections have been used to pay business rescue costs together with the remaining monthly administration, debt collection and legal costs as well as necessary ancillary costs. The remaining few debts are still being actively pursued, mostly through legal and normal debt collection processes.
CSI current activities are centred around ensuring compliance to all statutory, tax and regulatory requirements.
In accordance with the creditor approved business rescue plan, CSI is now currently substantially debt and asset free.
To contact CSI, please send an email to email@example.com.