Bruyns v Ridgeback Rentals (Pty) Ltd (2023/070025)
Bruyns v Ridgeback Rentals (Pty) Ltd (2023/070025) [2024] ZAGPJHC 1183 (18 November 2024)
The court found that the relationship between the two equal shareholders and directors had irreparably broken down, resulting in a deadlock that rendered the company unmanageable. The applicant established that the deadlock was real, irreparable, and detrimental to the company's future. The respondent's reliance on procedural technicalities and the shareholder agreement's arbitration clause was rejected, as internal remedies were impractical due to the deadlock. The court held that insolvency was not a prerequisite for liquidation under the just and equitable ground, and the applicant's case…
Source excerpt
- Just And Equitable Liquidation
- Shareholder Deadlock
- Fiduciary Duties
- Asset Mismanagement