(Alliance News) - Bagir Group Ltd on Monday said Ilan Shavit-Stricks, head of firm & senior partner of Haim Zadok & Co in Tel-Aviv, Israel has been appointed as sole liquidator.
The tailoring firm said the District Court of Beer Sheva, Israel recommended that that the company be liquidated in light of the state of the company and the Covid-19 pandemic. It added that its operations are now restricted to the collection of debts, ad hoc transactions of finished products and products in its inventory.
Its assets will be sold through a public tender which was published last Thursday.
In February, Bagir said it had begun legal action to recover USD13.2 million owed by textiles manufacturer Shandong Ruyi Technology Group Co Ltd as it reported "challenging" trading conditions for 2019.
In March, the company said said majority of its orders were placed on hold as it closed its sites in Egypt and Ethiopia ,and cut production and staff in Vietnam in efforts to save cash. In April, it said most of its order book was out on hold or cancelled due to the Covid-19 outbreak.
Bagir shares have been suspended from trading since April
By Ife Taiwo; ifetaiwo@alliancenews.com
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