Van Den Heever N.O and Others v World Marine Energy (Pty) Ltd and Another; Public Investment Corporation SOC Limited v World Marine Energy (Pty) Ltd and Others (11237/20;6227/22) [2022] ZAWCHC 270; 2023 (4) SA 296 (WCC) (19 December 2022)

Van Den Heever N.O and Others v World Marine Energy (Pty) Ltd and Another; Public Investment Corporation SOC Limited v World Marine Energy (Pty) Ltd and Others (11237/20;6227/22) [2022] ZAWCHC 270; 2023 (4) SA 296 (WCC) (19 December 2022)

The court found that the Public Investment Corporation SOC Limited lacked locus standi to oppose the compulsory winding-up or to seek to set aside the voluntary winding-up, as it was not itself a creditor but merely acted as agent for the UIF. Even if standing were accepted, PIC failed to establish that the debt owed by World Marine Energy (Pty) Ltd to Bunker Suppliers (Pty) Limited was bona fide disputed on objectively reasonable grounds. The evidence, including accounting records and forensic reports, confirmed the existence of the debt. The voluntary winding-up was irregular and possibly invalid, and public interest required that the company be placed under compulsory liquidation to...

Citation
[2022] ZAWCHC 270
Parties
Applicant: Theodor Wilhelm Van Den Heever N.O.; Applicant: Jurgens Johannes Steenkamp N.O.; Applicant: Matlooane John Mophethe N.O.; Applicant: Bunker Suppliers (Pty) Limited (in liquidation); Respondent: World Marine Energy (Pty) Ltd (in liquidation); Respondent: Public Investment Corporation SOC Limited; Respondent: Jochen Eckhoff N.O.; Respondent: Brian Lulamile N.O.; Respondent: Marcel Edwin N.O.; Respondent: The Master of the High Court, Cape Town
Court
Western Cape High Court, Cape Town
Jurisdiction
South Africa
Judgment Date
19 December 2022
Case Number
11237/20;6227/22
Procedural Posture
Compulsory Winding Up Application / Judgment on Opposed Application and Intervention
Outcome
Application by PIC to set aside the voluntary winding-up is dismissed with costs. World Marine Energy (Pty) Ltd is provisionally wound up. Voluntary winding-up is set aside subject to confirmation of liquidators' actions and fees. Costs orders made against PIC on attorney-client and party-and-party scales.
Judges
M Sher
Legal Topics
Company Liquidation, Voluntary Vs Compulsory Winding Up, Locus Standi, Creditor Claims, Setting Aside Voluntary Liquidation
Commercial and Corporate Civil Procedure Company Liquidation Voluntary Vs Compulsory Winding Up Locus Standi Creditor Claims Setting Aside Voluntary Liquidation

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 4 Authorities cited 17 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

Theodor Wilhelm Van Den Heever N.O.

Applicant

Jurgens Johannes Steenkamp N.O.

Applicant

Matlooane John Mophethe N.O.

Applicant

Bunker Suppliers (Pty) Limited (in liquidation)

Applicant

World Marine Energy (Pty) Ltd (in liquidation)

Respondent

Public Investment Corporation SOC Limited

Respondent

Jochen Eckhoff N.O.

Respondent

Brian Lulamile N.O.

Respondent

Marcel Edwin N.O.

Respondent

The Master of the High Court, Cape Town

Respondent

Procedural Posture

Compulsory Winding Up Application / Judgment on Opposed Application and Intervention

Legal Issues

  1. 1 Whether the voluntary winding-up of World Marine Energy (Pty) Ltd should be set aside.
  2. 2 Whether the company should be placed under compulsory liquidation at the instance of a creditor.
  3. 3 Whether the Public Investment Corporation SOC Limited has locus standi to oppose the compulsory winding-up or to seek to set aside the voluntary winding-up.

Ratio Decidendi

The court found that the Public Investment Corporation SOC Limited lacked locus standi to oppose the compulsory winding-up or to seek to set aside the voluntary winding-up, as it was not itself a creditor but merely acted as agent for the UIF. Even if standing were accepted, PIC failed to establish that the debt owed by World Marine Energy (Pty) Ltd to Bunker Suppliers (Pty) Limited was bona fide disputed on objectively reasonable grounds. The evidence, including accounting records and forensic reports, confirmed the existence of the debt. The voluntary winding-up was irregular and possibly invalid, and public interest required that the company be placed under compulsory liquidation to...

Court Disposition

Application by PIC to set aside the voluntary winding-up is dismissed with costs. World Marine Energy (Pty) Ltd is provisionally wound up. Voluntary winding-up is set aside subject to confirmation of liquidators' actions and fees. Costs orders made against PIC on attorney-client and party-and-party scales.

Orders

  • The application by the Public Investment Corporation SOC Limited to set aside the voluntary winding-up of World Marine Energy (Pty) Ltd is dismissed with costs, including costs of two counsel where employed.
  • The costs of the application for postponement and wasted costs occasioned by postponement are to be paid by PIC on the attorney-client scale.