Claims keep pouring in against insolvent Sails

Claims against insolvent South African Independent Liner Services (Sails) have poured in as effortlessly as punching a calculator, literally hundreds of millions of rand sought by creditors…with no apparent hope of recovery. As liquidators Sanek Recovery Trust grind on with the process of winding up a fledgling company with no known existing assets, FTW has learnt of the mindboggling extent of what can best be described as a creditor crisis ‘horribilis’. Before Sails, brainchild of founder and MD Ian Wicks and subsequently heavily funded by pan-African conglomerate, Lonrho Africa (Holdings) went into liquidation property ‘owned’ by Sails – that is bunkers aboard the chartered vessel Orinoco River – were seized and sold, along with assets from an unknown bank account, in admiralty proceedings. This in order to create a maritime fund (‘The Fund’), against which a separate set of maritime claimants could lodge claims still to be ruled on by a referee, who has subsequently recommended nine (claims) against ‘The Fund’ including: • Getma International SAS EUR 122 300.70 and US$115 303.00 in respect of agency services. • Mozport Transportes Investimentos De Mozambique LDD, US$13 607.67 for agency services rendered to the charter vessel MV Bertha in Maputo. • Bottom Line Solutions R997 394.86 in respect of an unfulfilled terminal handling and agency agreement. • Capselling for R24 526.48 over alleged breach of contract. • Grindrod Terminals for R1.66 million in respect of a deal concluded between itself and Sails agents. • Belgian bunker supplier, Monjasa for US$463 437. Over and above that, a separate schedule of 34 claims has been submitted to the liquidators but only two approved; Lonrho (Claim 12) and World Marine and Offshore Supply Co. Other claimants under this particular schedule include former Sails employees for small, necessary amounts, Capital Intermodal Limited of Hong Kong in respect of services rendered, British bunker supplier Bominflot, and Wilhelmsen Premier Marine Fuels. Top Cape Town maritime lawyer Gavin Fitzmaurice, a partner in the firm Webber Wentzel, and tasked specifically with the Monjasa claim, says: “We estimate the value of ‘The ‘Fund’ as being less than US$200 000 (R1.62 million) and therefore not nearly big enough to satisfy all the claims against it.” It would appear that most of ‘The Fund’ creditors will have to file and prove claims with the liquidators to recover the balance (or a proportion thereof) from the insolvent estate, says Fitzmaurice. “Creditors are lining up to consider actions against responsible directors, shareholders and the like.” It is an assertion fully endorsed by Wicks, who says Lonrho ran the company during the five months of his suspension prior to liquidation. “The creditors, if they so wish, could well undertake a company enquiry or go for the directors or shareholders directly – Lonrho, as the major stakeholder, with majority control of the Sails board.”