Square One Solutions no longer has a liquidation threat hanging over it, as Agang Cabling Solutions has withdrawn its lawsuit.
The case, which was set to be heard in the Pretoria High Court on 20 November, was withdrawn a week ago. The court document indicates that each party will pay its own costs.
Agang CEO Deon du Plessis would not comment this morning, referring all requests for comment to his lawyer, Leander Opperman, a partner at Adams & Adams. Opperman would also not comment or disclose reasons for the cancellation of action.
Agang's action was based on Du Plessis' claims that the listed group owed him close on R1 million for work he had done for it. In addition, before the money was paid, Square One had offered to purchase Agang through a subsidiary.
However, the offer did not materialise, according to Du Plessis. He says the matter dragged on for some time before he resorted to the legal route earlier this year.
Square One has repeatedly denied that it owed the company money, saying Agang's unpaid invoices were against Structured Networks, a company that has nothing to do with Square One.
Kobus Swart, of Schwarz-North Inc Attorneys, acting on behalf of Square One, was not available for comment this morning.
However, he has previously indicated that Square One would sue Agang for disrupting its business as fighting the liquidation application placed a burden on the company. It has incurred costs and spent several hours explaining the matter to clients and suppliers.
Swart had been instructed by the company to institute a damages claim against Agang as a result of the disruption to the business. The amount of damages that would be claimed are not yet known.
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