Courier liquidated

RAY SMUTS
BELEAGUERED air courier company Expressit, said to be in debt to the tune of almost R23 million, was placed in provisional liquidation in the Cape High Court last week.
The company was sold to Clareway Investments, a subsidiary of the Berco Group, for R10 million last year.
Counsel for the applicant company, Gridnet Southern Africa, told the court it was apparent Expressit was commercially insolvent and that a winding-up order was therefore justified.
The court learnt that Clareway was owed about R16,8 million which, together with the R516 603 owed Gridnet, brought total indebtedness to R22,7 million, against the estimated value of assets of less than R5 million.