These issues were exacerbated by the fact that over time certain commercial contracts with terms which have proved not to be favourable to WP Rugby (Pty) Limited were entered into, and which had the cumulative effect of putting both the company’s short term and long term sustainability at severe risk.
The tipping point for our finances was the persistent and complex legal disputes relating to certain commercial, media and Wi-Fi rights with one partner in particular, Aerios, over the last year.
A liquidation marks the official ending of a partnership agreement.
The liquidation of a partnership starts with a review of the company's assets, including property and cash, and its debts.
The partners then sell the company's assets, which can result in a gain or a loss.
In such a case, the rest of the money comes from the capital accounts of each partner.
The percentage of the losses for which a partner is responsible depends on the partnership agreement.
If you’ve been to watch a Province game at Newlands over the past 20 years chances are you’ve joined in that chant, but as the Currie Cup dies a slow death so too does local rugby feel the pinch.