Alf Duncan, founder of Alf Duncan Auctioneers in Strand, has broken his silence following the firm’s voluntary liquidation, revealing he had stepped back from daily management years ago and is now launching an investigation into the company’s financial collapse.
Expressing heartbreak over the demise of the business he built over 40 years, Duncan confirmed he used personal funds to pay his staff their final salaries and settle claims with some affected clients.
Duncan explained that his direct involvement in the business diminished significantly following the death of his wife in September 2016.
While he would occasionally visit the business, he assumed the company remained on solid financial ground, particularly after relocating to its premises in Mynhardt Street, Gants Centre, six years ago, which reduced rental costs by R80 000 per month.
“I’d pop in now and then and all seemed fine,” Duncan said. “When we moved into the premises six years ago, the saving on rent was R80 000 per month, so the business was in good financial standing. I don’t understand how the business went down such a hole.”
Duncan claimed he became aware of serious underlying financial trouble recently, when his own salary cheques were delayed or short-paid, prompting him to look into the company’s accounts.
Describing the loss of his long-standing professional reputation, Duncan said he is conducting an internal investigation to establish who is responsible for the financial downfall.
I put my heart into this business and built it for 40 years. I built my name and reputation, but now it’s all gone
He emphasised his intention to pursue formal legal action once all the facts are established.
Assets sold off
Addressing the ongoing liquidation process, Duncan confirmed he has already met with joint provisional liquidator Christiaan Bester, with further meetings scheduled over the next two weeks.
He expressed confidence that substantial company assets, including commercial vehicles and trucks, will be sold during the liquidation process to recoup funds and pay off as much outstanding debt as possible to creditors and consignors.
Duncan’s response follows last week’s disclosure that the company was officially placed into voluntary liquidation by special resolution on 5 August, leaving numerous local consignors and creditors in financial limbo. (“‘Pass’ for Alf Duncan auctions,” DistrictMail & Helderberg Gazette, 9 September).
Among those affected is local consignment partner Managed Moves SA, which reported being owed nearly R200 000 for auctioned goods dating back to last December and January.
Additionally, the landlord of the Mynhardt Street property reported contractual breaches, unpaid lease obligations and extensive cleaning costs following the sudden vacation of the building.
While joint provisional liquidators continue assessing the insolvent estate to establish total claims and potential payout ratios, Duncan reiterated his commitment to doing everything possible to settle what is owed through the asset liquidation process.
