The board took the resolution on October 19 on the grounds that it appears to be unlikely that the orchestra will be able to pay its debts for the next six months. However, the board described the prospect that the company will be rescued as “reasonable”. This resolution was filed with the CIPC on 23 October 2012.
In terms of Section 129 of the Companies Act 71 of 2008, the JPO will be placed under supervision of a business rescue practitioner. The Board has nominated, Sikkie Kajee, as the business rescue practitioner in terms of Section 129 (3) of the act, and we await the approval of his appointment by the CIPC.
“The board of the JPO took a formal resolution to start business rescue proceedings,” said managing director, Shadrack Bokaba. “The board and I are confident that this financial situation will turn around within the next three to six months”.
It was anticipated that funding would be provided by the Department of Arts and Culture, based on undertakings given by the department. The board has also applied to the National Lottery Distribution Trust Fund for an allocation in 2012. Based on the historical commitment by the fund, it is anticipated that these funds will be approved and allocated during the course of the year. In addition, the orchestra is increasing its fund-raising activities for further funding.
Meanwhile, the JPO is forging ahead with its fourth symphony season of 2012. Programme for this week includes the Holberg Suite by Grieg, the Sibelius violin concerto featuring Svetlin Roussev as soloist and Schumann’s fourth Symphony. Next week will see popular South African pianist, Ben Schoeman performing Rachmaninov’s Rhapsody on a theme of Paganini and ending with Tchaikovsky’s Symphony No. 6 . These concerts will be conducted by Maestro Robert Maxym. Tickets are available through Computicket.
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