Economic Crisis Cited as Two More Companies Controlled by Entrepreneur O'Shea Apply for Liquidation

Cape Times (South Africa), April 20, 2009 | Go to article overview

Economic Crisis Cited as Two More Companies Controlled by Entrepreneur O'Shea Apply for Liquidation


BYLINE: KAREN BREYTENBACH

TWO more applications for provisional liquidation orders have been granted against companies controlled by Cape Town property entrepreneur Patrick O'Shea.

One of the high court applications was brought by O'Shea against his company, O'Shea Properties Southern Suburbs, and the other was sought by a Parklands businessman, Carl Adams, against O'Shea Properties Projects.

These were granted on Friday, a week after one of O'Shea's creditors, Praesidium Capital Management, had been given a provisional liquidation order against The O'Shea Group.

O'Shea used to be the master licence holder of Engel & Volkers Western Cape, but left in June to pursue his own interests. Engel & Volkers Southern Africa took over the franchise's Western Cape operation.

Adams brought the liquidation application against Tradeworx 194 (Pty) Ltd, trading as O'Shea Properties Projects, saying it owed him R7 980 for consulting he did last month.

In an affidavit, Adams said while consulting for O'Shea Properties Projects, he had got to know a great deal about its business model and prospects.

In their affidavits, Adams and O'Shea said it was well known that the property market was adversely affected by the global financial crisis. …

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Economic Crisis Cited as Two More Companies Controlled by Entrepreneur O'Shea Apply for Liquidation
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