Dynamic Training Solutions (DTS), the training services provider which suspended its services without notification two weeks ago, has been liquidated.
Sources within PricewaterhouseCoopers` Business Recovery and Insolvency division have confirmed that a provisional liquidation order was granted on 18 July. The cut-off date for the company to appear in court has been set at 1 August. PWC`s Philip Torre has been appointed as the liquidator.
However, company MD Faiez Dollie says he hasn`t yet received official notification of this development. "I haven`t seen any documentation, and my lawyer hasn`t heard anything about it yet."
Until DTS receives official notification of the liquidation, Dollie says he`ll continue what he`s been doing up until now - negotiating with a number of interested parties in the hopes of finding someone to acquire DTS. "I`m trying to make the deal as sweet as possible - I want to save the company by any means possible."
Dollie says his primary concern now is safeguarding the interests of DTS` student base. "I`ll forfeit anything to try and honour our contracts with our students. We hope to release an official statement by Friday."
DTS` downfall has been ascribed to industry speculation fuelled by wild rumours which Dollie says are totally unfounded.
The company`s cash flow problem dates back to a slump in sales in 1999 which followed a boom the previous year. This year was expected to be difficult, Dollie says, which is why he focused on a franchise opportunity with a Durban-based training company that would supply a much-needed cash injection. That deal fell through after three weeks of negotiation - mainly because of further credibility damaging rumours, Dollie believes.
Dollie plans to meet with the Information Technology Association and the Chamber of Commerce among other groups and industry associations, from which he hopes to receive advice.
News of DTS` suspension of services first came to light following complaints made to the Computing Technology Industry Association, which received many calls from dissatisfied students and DTS staff.
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