Investec Bank Limited v Culverwell Cattle Company (Pty) Ltd (048263/2022) [2025] ZAGPJHC 291 (17 March 2025)
The court found that Investec had established on a balance of probabilities that Culverwell Cattle Company is unable to pay its debts and is both commercially and factually insolvent. The application complied with the procedural requirements of section 346(4A) of the Companies Act 61 of 1973. The respondent failed...
Source-derived case information.
- Citation
- [2025] ZAGPJHC 291
- Parties
- Applicant: Investec Bank Limited; Respondent: Culverwell Cattle Company (Pty) Ltd
- Court
- South Gauteng High Court, Johannesburg
- Jurisdiction
- South Africa
- Case Number
- 048263/2022
- Procedural Posture
- Winding Up Application / Final Hearing
- Outcome
- Application granted; respondent placed under final winding up.
- Judges
- Mahalelo
- Legal Topics
- Company Winding Up, Commercial Insolvency, Companies Act 1973, Companies Act 2008, Statutory Requirements for Winding Up
Source-derived case record
Summary, issues, holding and outcome
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Parties
Investec Bank Limited
Applicant
Culverwell Cattle Company (Pty) Ltd
Respondent
Procedural Posture
Winding Up Application / Final Hearing
Legal Issues
- 1 Whether Culverwell Cattle Company (Pty) Ltd is unable to pay its debts and is insolvent.
- 2 Whether the requirements for a final winding up order under the Companies Act 61 of 1973 have been met.
- 3 Whether the application complies with section 346(4A) of the Companies Act 61 of 1973.
Ratio Decidendi
The court found that Investec had established on a balance of probabilities that Culverwell Cattle Company is unable to pay its debts and is both commercially and factually insolvent. The application complied with the procedural requirements of section 346(4A) of the Companies Act 61 of 1973. The respondent failed to rebut the presumption of insolvency and did not demonstrate any genuine dispute of fact regarding its financial position. The court was satisfied that the requirements for a final winding up order had been met and that it was just and equitable to grant the relief sought.
Court Disposition
Application granted; respondent placed under final winding up.
Orders
- Culverwell Cattle Company (Pty) Ltd is placed under final winding up in the hands of the Master.
- The costs of the application are to be costs in the administration of the respondent.
Full Case Text
Judgment text and source record
25 paragraphs
REPUBLIC OF SOUTH AFRICA
IN THE HIGH COURT OF SOUTH AFRICA
GAUTENG DIVISION, JOHANNESBURG
Case Number: 048263/2022
(1) REPORTABLE: NO
(2) OF INTEREST TO OTHER JUDGES: NO
(3) REVISED.
In the matter between:
INVESTEC BANK LIMITED
Applicant
and
CULVERWELL CATTLE COMPANY (PTY) LTD
Respondent
JUDGMENT
MAHALELO J
Introduction
[1] This is an application brought by the applicant for an order placing the respondent under final winding up in the hands of the Master, with the costs of the application to be costs in the administration of the respondent.
[2] For ease of reference, the applicant and the respondent are referred to as “Investec” and “Culverwell Cattle Company” or “Culverwell”, respectively, in this judgment.
[3] Investec avers that Culverwell Cattle Company is unable to pay its debts and is commercially and factually insolvent. It brings this application in terms of sections 344 (f) and 345(1)( c) of the Companies Act 61 of 1973 (“the old Companies Act”), read with items 7 and 9 of Schedules 3 and 5 of the Companies Act 71 of 2008.
[4] In opposing the application, Culverwell raised various defenses and a point in limine in its papers, premised on the requirements for the furnishing the application as provided in section 346(4A) of the old Companies Act.
[1] Aqua Transport and Plant Hire (Pty) Ltd v TST Broker (Pty) Ltd (“Aqua Transport”) 2023 JDR 0191 (GJ).
[2] Intello Capital CC v Sigge Managed Solutions (Pty) Limited (“Intello Capital”) 2023 JDR 0644 (GJ).
[3] [2013] ZASCA 167; [2014] 1 All SA 294 (SCA) at para 23.
[4] 2015 (2) SA 550 (GJ) at paras 28 and 32-3.
[5] (“Cassim”) [2020] ZAGPJHC 149 at paras 7-18.