Air Namibia Retirement Fund is being voluntarily liquidated in terms of section 28 of the Pension Funds Act, Act 24 of 1956 because of clause 10.2 of the Air Namibia Retirement Fund Rules which requires the Fund to be wound up if the employer is wound up.
This was said by the Namibia Financial Institutions Supervisory Authority (NAMFISA) in an update of the Fund highlighting that the members of the Air Namibia Retirement Fund are advised to contact the appointed liquidators who can advise on their internal timelines for disbursement in the event of the liquidation proceeding in terms of section 28(8).
The Liquidators, P.C. Cronje of Cronje Inc Law Practice and Jacques Oosthuizen of Namibia Liquidations were appointed by the Fund with effect from 26 July 2022.
“Section 28 of the Act outlines the procedures to be followed and measures to be taken when a fund voluntarily dissolves or liquidates. Section 28(7) of the Act prescribes that the Registrar shall cause to be published a notice (in the government gazette, and in one English and one Afrikaans newspapers), calling upon all interested persons to inspect the preliminary account, preliminary balance sheet and report, and for the interested parties to lodge their objections in writing with the Registrar within a period stated in the notice.
“The public notice was published on 15 August 2023.The period specified in terms of section 28(7) of the Act within which members of the public could lodge objections lapsed on Friday, 29 September 2023. As per the public notice, objections could be lodged via postal mail or hand delivered. In consideration of the delays associated with postal mail, it is prudent that provision is made for postal margin (i.e., objections submitted before the deadline but may not have reached the Registrar yet due to the mode of delivery),” said the Authority.
The liquidation will proceed in terms of section 28(8) of the Act should there be no objections or sections 28(9 -11) of the Act should objections be lodged.
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