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South Africa decisions
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Louis N.O and Others v Fenwick N.O and Others (598/2021) [2023] ZASCA 59; 2023 (6) SA 400 (SCA) (28 April 2023)
The SCA held that section 153(4) of the Companies Act applies only when a binding offer in business rescue is accepted, not when it is rejected.
Louis and Others v Glaum and Others (5225/2020) [2021] ZAWCHC 276 (14 January 2021)
The court held that after the creditors rejected the Trust's binding offer to purchase their voting interests, the original business rescue plan remained unamended and stood rejected. Section 153(4) of the Companies Act only requires the practitioner to adjourn the meeting and apply sections 152 and 153 afresh if the binding offer is accepted, resulting in altered voting interests and a revised plan. Since the offer was rejected, there was no basis for further voting or application of section 153. The practitioner acted properly by closing the meeting, and his decision was not irregular or li…
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Dispute Identification (201504-0174) [2015] ZACGSO 6 (5 May 2015)
The Ombud held that the supplier had to honour the displayed couch price because the sale was already concluded before the pricing error was corrected.
Price binding (2014423899) [2014] ZACGSO 15 (9 May 2014)
The Ombud found that the applicant received the same price quotation on three separate occasions and confirmed the price with the supplier before making payment. There was no evidence that the applicant knew or should have known of the supplier's mistake. The applicant did not act unconscionably or attempt to 'snatch at a bargain' in the legal sense. The supplier failed to prove that the applicant was aware of the error or acted improperly. Accordingly, the contract is valid and binding, and the supplier is obliged to deliver the goods at the quoted and paid price.
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African Banking Corporation of Botswana Ltd v Kariba Furniture Manufacturers (Pty) Ltd and Others (GNP) [2013] ZAGPPHC 259; [2013] 4 All SA 432 (GNP); 2013 (6) SA 471 (GNP) (29 August 2013)
The court held that the binding offer procedure under section 153(1)(b)(ii) of the Companies Act is a statutory mechanism designed to facilitate the adoption of a business rescue plan and is binding on both the offeror and offeree once made. The offer is not contractual and does not require acceptance by the offeree. The statutory scheme provides that the offeree is entitled to compensation equivalent to the liquidation value of its claim, as determined by an independent expert or the court, ensuring that the deprivation is not arbitrary. The court found no constitutional violation of propert…
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