Bridge Loans – Going Under

Burning that Bridge

Bridge Corporate (who own Bridge Loans, Bridge Collections and Bridge Debt) were recently in the press in regard to the EAO/ Garnishee Order court case in the Western Cape High Court. The matter did not go in their favour and the court ruled that the garnishee orders were to be set aside and money repaid to the 15 consumers. the case has also resulted in the Judge asking that 150 000 Garnishee matters (at least) being handled by Flemix & Associates be investigated.

See our article HERE

Going Down in Flames

It seems this was the death knoll for the troubled Bridge Empire. Though the firm (in the guise of Onecor) had been under business rescue for over 10 months after having been found to have been acting as a bank in many regards (by the SARB) for over a decade; it seems they decided that the company could no longer be saved. Bridge and all the trust involved in running the firms and contravention collections firm Coombe (also known as Flemix) have a lot of friends and family members in common and have been the source of much news about garnishee orders. Recently shareholders have been getting less and less return on their investments in some cases even nothing. This week the firm filed for an urgent liquidation in the Johannesburg High Court.

Dodgy Dealings?

This may seem to be the end of the matter but it has now emerged (in a financial audit) that just weeks before Bridge declared themselves to be in financial distress and in need of business rescue, directors of the firm converted their shares (in a highly irregular manner) to the tune of R120 million Rands worth. This pushed the firm over the edge and into business rescue and now finally liquidation leaving other shareholders out of pocket.

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This is now being investigated by the Companies and Intellectual Properties Commission and the Independent Regulatory Board of Auditors.