Drip Footwear faces insolvency after failing to satisfy R20 million debt.

A Johannesburg-based firm has sued for the liquidation of iconic shoe maker Drip Footwear after failing to pay more than R20 million.

WideOpen Platform filed proceedings in Johannesburg’s high court, seeking an order to wind up Drip, claiming the firm is insolvent and unable to fulfill its debts.

The business also aims to sue Drip owner Lekau Sehoana for failing to repay the loan despite signing a surety arrangement for the entity.