Waltex must settle R1.6m debt, court rules

THE Western Cape High Court has ordered cash-strapped textile manufacturer Waltex to repay a debt exceeding R1.6 million to distribution company Laser Logistics, following its failure to make payments since 2017.

- CHEVON BOOYSEN

Acting Judge Ajay Bhoopchand has mandated that Waltex pay R1 651 207.03, which includes interest calculated at the prescribed annual rate.

During court proceedings, the textile company admitted that it fell into arrears with its payments, but denied that the balances calculated at the various stages of their engagement since first falling into arrears in January 2017 were correct, arguing that the logistics company had overcharged it.

The company had gone into arrears a year after it signed a credit agreement in February 2016. According to the agreement, Laser Logistics would issue monthly invoices payable within 30 days of presentation for the services it rendered to Waltex.