Assets of defunct pay television network, Gateway Broadcast Systems will go under the hammer Thursday 16 July. The proceeds from the sale will then be used to settle creditors. Distributors and clients who may be on the list would however have to wait their turn, William Yeboah, a consultant to GBS told Joy News. According to him the first set of creditors to be settled would be the priority ones such as the Internal Revenue Service (IRS), the Value Added Tax (VAT) Service and the Customs, Excise and Preventive Service (CEPS). Although the assets of GBS would not be enough to offset the liquidator’s huge debt stock the statutory creditors should get some monies in two weeks. “All the items in the premises of GBS which have been verified as belonging to GBS in liquidation will be auctioned,” he stressed. “The auction is part of consolidating all the assets of GBS.” The parent company of GBS, Gateway Television (GTV) based in the UK went bankrupt in January this year blaming it on the global financial crises. GBS had about 22,000 clients in Ghana. Source: Myjoyonline.com