Majiedt NO and Others (1105/2009), Ex parte [2009] ZAFSHC 32 (19 March 2009)

Majiedt NO and Others (1105/2009), Ex parte [2009] ZAFSHC 32 (19 March 2009)

The application was rendered moot by the outcome of the related Solidarity matter, in which the provisional liquidation order was set aside. As the legal basis for the provisional liquidators' authority no longer existed, the application to raise funds on the security of company assets could not be entertained. The court accordingly struck the application off the roll.

Citation
[2009] ZAFSHC 32
Parties
Applicant: Donovan Theodore Majiedt N.O.; Applicant: Chavonnes Badenhorst St Clair; Applicant: Cooper N.O.; Applicant: Luke Bernard Saffy N.O.; Applicant: Simon Malebo Rampoporo N.O.; Respondent: Atlantis Forge (Edms) Beperk [In Likwidasie]
Court
Free State High Court, Bloemfontein
Jurisdiction
South Africa
Judgment Date
19 March 2009
Case Number
1105/2009
Procedural Posture
Urgent Application / Application to Court for Leave to Raise Money on Security of Assets During Provisional Liquidation.
Outcome
Application struck off the roll; no order as to costs.
Judges
H.M. Musi
Legal Topics
Provisional Liquidation, Leave to Raise Funds, Security Over Company Assets
Commercial and Corporate Civil Procedure Provisional Liquidation Leave to Raise Funds Security Over Company Assets

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 1 Party arguments 2
Sign in to unlock

Parties

Donovan Theodore Majiedt N.O.

Applicant

Chavonnes Badenhorst St Clair

Applicant

Cooper N.O.

Applicant

Luke Bernard Saffy N.O.

Applicant

Simon Malebo Rampoporo N.O.

Applicant

Atlantis Forge (Edms) Beperk [In Likwidasie]

Respondent

Procedural Posture

Urgent Application / Application to Court for Leave to Raise Money on Security of Assets During Provisional Liquidation.

Legal Issues

  1. 1 Whether the provisional liquidators are entitled to raise money on the security of the company's assets under section 386(5) of the Companies Act.
  2. 2 Whether the application remains competent after the provisional liquidation order was set aside in related proceedings.

Ratio Decidendi

The application was rendered moot by the outcome of the related Solidarity matter, in which the provisional liquidation order was set aside. As the legal basis for the provisional liquidators' authority no longer existed, the application to raise funds on the security of company assets could not be entertained. The court accordingly struck the application off the roll.

Court Disposition

Application struck off the roll; no order as to costs.

Orders

  • The application is struck off the roll.
  • There shall be no order as to costs.