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VBS liquidator schedules second meeting of creditors

 

A meeting of VBS Mutual Bank’s creditors is scheduled to take place in Polokwane on Friday, 8 November. It is important that creditors, especially those who are owed more than R100 000 by the bank, attend the meeting or submit the necessary forms to the Master of the High Court.

The bank’s liquidator, Mr Anoosh Rooplal, announced on 18 October that the second meeting of creditors is scheduled for 8 November. It will start at 10:00 at the Master of the High Court’s offices in Polokwane.

“The meeting of creditors will provide an opportunity for all creditors to lodge their claims for proof in the insolvent estate of VBS Mutual Bank,” said Ms Louise Brugman, spokesperson for the liquidator.

Individual depositors are also reminded that they still have the option to claim, up to a maximum of R100 000, at Nedbank in terms of the agreement reached with the South African Reserve Bank. Retail deposits are individuals, burial societies, stokvels and savings clubs who deposited their money with VBS. “Any creditors whose VBS funds exceeded the R100 000 guaranteed by National Treasury and who have claimed from Nedbank, will have the opportunity to prove their outstanding claims with the Master of the High Court,” said Brugman.

Given that the claim forms need to be carefully completed and complied with, the two remaining branches of VBS in Makhado and Thohoyandou will have a team of people available to assist retail depositors to fill out the required forms from 28 October until 2 November.

Anoosh Rooplal emphasized that admitting valid claims to the Master of the High Court is part of the insolvency process that will give retail depositors an opportunity to be counted as valid claimants of the Bank. “There is, however, no certainty that claims will be accepted by the Master nor that any amount of their claim will eventually be available to claimants.  It merely proves who the legal claimants are of the bank,” he said.

“It is, however, an important aspect and that is why we took the decision to go beyond the Insolvency act requirements and assist the depositors to provide and fill in their claim forms,” said Rooplal. 

Customers who need assistance in filling in the necessary forms at the VBS branches in the allotted period, need to bring the following documents along:

* Individuals must bring their Identity Document and banking details that is not a VBS bank account.

* Companies or stokvel/burial societies need to bring:

- a resolution or authorisation that allows that person to sign the claim on behalf of the company or the members of the association that they represent, as the case may be;

- They will then need to bring their personal Identity Document; and

- The banking details of the company or association that the signatory represents.

News in brief - Date: 02 November 2019

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Anton van Zyl

Anton van Zyl has been with the Zoutpansberger and Limpopo Mirror since 1990. He graduated from the Rand Afrikaans University (now University of Johannesburg) and obtained a BA Communications degree. He is a founder member of the Association of Independent Publishers.

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