South Africa Case Law

Knipe and Another v Noordman N.O. and Others (A230/2014)

Knipe and Another v Noordman N.O. and Others (A230/2014) [2016] ZAFSHC 86 (2 June 2016)

Court

Free State High Court, Bloemfontein

Case number

A230/2014

Judges

VAN DER MERWE, MOCUMIE, LEKALE

The court held that the appointment of final liquidators should have occurred promptly after the refusal of the petition, as there was no legal obstacle to convening the first meetings of creditors and members under section 364(1) of the Companies Act. The purported proof and admission of creditor claims at the earlier meeting was a nullity and did not justify delay. The administration costs, while substantial, did not constitute exceptional circumstances warranting the sale of the farms by provisional liquidators. The court a quo materially misdirected itself by accepting that the pending re…

Source excerpt

• Company Liquidation
• Powers Of Provisional Liquidator
• Exceptional Circumstances
• Creditors Meeting
• Administration Costs

Noordman N.O. and Others v Knipe and Another (1906/2014)

Noordman N.O. and Others v Knipe and Another (1906/2014) [2014] ZAFSHC 128 (14 August 2014)

Court

Free State High Court, Bloemfontein

Case number

1906/2014

Judge

G.J.M. Wright

The court found that the Applicants, as provisional liquidators, had incurred substantial administration costs in securing the assets of the companies due to ongoing shareholder disputes and delays in appointing final liquidators. The Respondents' opposition was inconsistent with their prior agreement to the administration costs and safeguarding of the properties. Exceptional circumstances were present, including the prolonged liquidation process, escalating costs, and the necessity to realise assets to pay creditors and administration costs. The court exercised its discretion under sections…

Source excerpt

• Provisional Liquidation
• Extension Of Liquidator Powers
• Administration Costs
• Sale Of Company Assets
• Fiduciary Duties
• Exceptional Circumstances

Ultrapolymers (Pty) Ltd v Maredi NO and Others (6171/2012)

Ultrapolymers (Pty) Ltd v Maredi NO and Others (6171/2012) [2012] ZAGPJHC 35; 2012 (4) SA 232 (GSJ) (16 March 2012)

Court

South Gauteng High Court, Johannesburg

Case number

6171/2012

Judge

FHD Van Oosten

The court held that a proved creditor could seek urgent interim relief under s 32(1)(b) of the Insolvency Act and ordered sale proceeds held in trust.

• Insolvency Act Section 32
• Locus Standi
• Interim Relief
• Prima Facie Right
• Administration Costs
• Insolvency-act