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The International Aviation Solutions (IAS) which is owned by controversial businessman Teezzarh Seduke has been placed under judicial management.
The institution was part of Seduke’s companies which were raided by security agents among them the Directorate of Intelligence and Security (DIS) early this year allegedly due to Seduke’s association with former DIS Director General Isaac Kgosi. Since then the institution allegedly ran into financial problems.
In a letter dated 2nd July, the company’s appointed judicial manager, Oliver Modise, informed students and other stakeholders about “a court order issued placing International Aviation Solutions (IAS) Aviation Academy under Judicial Management effective 19 June as prescribed by Sections 471 as read with Section 472 of the Companies Act.”
“I’m obligated to discharge my duties being the Judicial Manager of the IAS as prescribed by Section 472 read with Section 474 of the Companies Act. By summary of this order I’m tasked to ensure continuity of the company with particular interest of the following; to protect commercial and contractual rights of the company’s creditors and to enforce action against the company’s debtors for recovery of any funds owed,” said Modise.
He added that his task is also “to ensure that the rights of of the customer (students) through effective service delivery, by the company, to ensure that students are trained in accordance to Botswana Civil Aviation Regulations, (BCAR) set standards and safety considerations.” Modise said he is obligated to provide periodic reporting to the High Court Registrar on the performance of the company with reference to his duties as the Judicial Manager.
Judicial management is a method of debt restructuring where an independent judicial managers appointed to manage the affairs, business and property of a company under financial distress. The company is also temporarily shielded from legal proceedings by third-parties, giving it the opportunity to rehabilitate.