Ally v Firstrand Bank Limited and Others (1209/2024P)
Ally v Firstrand Bank Limited and Others (1209/2024P) [2024] ZAKZPHC 36 (1 February 2024)
The court found that the urgency of the application was justified by the timing of the business rescue practitioner's report, which was only received on 25 January 2024. The evidence presented, including substantial assets, monthly rental income, stock, offers to purchase properties, and employee support, established sufficient grounds for a reasonable prospect of rescuing Fourth Respondent. The court applied the principles from section 131 of the Companies Act and Oakdene Square Properties, noting that a detailed plan is not required but factual grounds must be shown. The court concluded tha…
Source excerpt
- Business Rescue
- Companies Act Section 131
- Urgent Interdict
- Liquidation Vs Business Rescue
- Affected Party Rights