An urgent application by Ithala SOC Limited to enforce a court order allowing its board to manage operations and bank accounts has been postponed until Thursday in the Pietermaritzburg High Court.
The application comes as the Prudential Authority pushes forward with its request for the provisional liquidation of Ithala. The matter has been delayed due to Justice Ncube being on leave until next month, as confirmed by the provincial Department of Economic Development.
Despite the delay in the urgent application, the provisional liquidation hearing scheduled for Thursday, 30 January 2025 will proceed as planned. The department also stated that the Registrar of the High Court will inform all relevant parties once the Judge President offers further guidance.
The application for provisional liquidation follows a finding by the Reserve Bank's repayment administrator, which declared Ithala technically and legally insolvent, putting over 200,000 depositors at risk of financial loss. Ithala, the provincial Treasury, the Ithala Development Finance Corporation, and the Department of Economic Development have all opposed the liquidation bid.