Globustarr Trading CO L.L.C v Mayana Properties Pty Ltd (2021/59389) [2025] ZAGPJHC 315; [2025] 3 All SA 160 (GJ); 2025 (4) SA 594 (GJ) (18 March 2025)

Globustarr Trading CO L.L.C v Mayana Properties Pty Ltd (2021/59389) [2025] ZAGPJHC 315; [2025] 3 All SA 160 (GJ); 2025 (4) SA 594 (GJ) (18 March 2025)

The court found that Mayana Properties (Pty) Ltd is hopelessly insolvent, with liabilities far exceeding its assets and no active business to rescue. The business rescue application was brought cynically and at the last possible moment to disrupt the liquidation proceedings, and lacked any reasonable prospect of...

Source-derived case information.

Citation
[2025] ZAGPJHC 315
Parties
Applicant: Globustarr Trading Co L.L.C.; Respondent: Mayana Properties (Pty) Ltd
Court
South Gauteng High Court, Johannesburg
Jurisdiction
South Africa
Judgment Date
18 March 2025
Case Number
2021/59389
Procedural Posture
Liquidation Application / Final Judgment
Outcome
Mayana Properties (Pty) Ltd is placed in final liquidation. The adjournment application is dismissed. Costs of the adjournment application are awarded against Mr Miguel Da Corte de bonis propriis on an attorney and client scale.
Judges
H A van der Merwe
Legal Topics
Company Liquidation, Business Rescue, Abuse of Process, Creditor Claims, Section 131 Companies Act, Costs De Bonis Propriis
Commercial and Corporate Civil Procedure Company Liquidation Business Rescue Abuse of Process Creditor Claims Section 131 Companies Act Costs De Bonis Propriis

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Parties

Globustarr Trading Co L.L.C.

Applicant

Mayana Properties (Pty) Ltd

Respondent

Procedural Posture

Liquidation Application / Final Judgment

Legal Issues

  1. 1 Whether Mayana Properties (Pty) Ltd should be placed in final liquidation due to inability to pay its debts.
  2. 2 Whether the business rescue application brought by a director of Mayana is an abuse of process and lacks merit.
  3. 3 Whether section 131(6) of the Companies Act suspends liquidation proceedings in the circumstances.

Ratio Decidendi

The court found that Mayana Properties (Pty) Ltd is hopelessly insolvent, with liabilities far exceeding its assets and no active business to rescue. The business rescue application was brought cynically and at the last possible moment to disrupt the liquidation proceedings, and lacked any reasonable prospect of success. The evidence of alleged fraud was unsupported and the respondent's conduct amounted to an abuse of process. Applying the Supreme Court of Appeal's decision in PFC Properties, the court held that section 131(6) of the Companies Act does not suspend liquidation proceedings where the business rescue application is an abuse. The adjournment application was dismissed, and...

Court Disposition

Mayana Properties (Pty) Ltd is placed in final liquidation. The adjournment application is dismissed. Costs of the adjournment application are awarded against Mr Miguel Da Corte de bonis propriis on an attorney and client scale.

Orders

  • Mayana Properties (Pty) Ltd is placed in final liquidation.
  • The costs of the liquidation application are in the liquidation.