Liebenberg and Another v Tariomix (Pty) Ltd t/a Forever Diamonds and Gold (In Liquidation) and Others (2167/2024)
Liebenberg and Another v Tariomix (Pty) Ltd t/a Forever Diamonds and Gold (In Liquidation) and Others (2167/2024) [2024] ZANWHC 166 (5 June 2024)
The court held that the business rescue application had not been properly made, as there was no evidence of service and notification to all affected parties, and thus section 131(6) of the Companies Act was not triggered to suspend liquidation proceedings. Even if properly made, section 131(6) only suspends the process of realisation and distribution of assets, not the powers or office of the liquidators, who remain obliged to secure assets for creditors. The applicants failed to establish a prima facie right or irreparable harm, as their allegations were broad and unsupported by cogent evide…
Source excerpt
- Business Rescue Application
- Powers Of Liquidators
- Interim Interdict
- Section 131 6 Companies Act
- Section 19 And 69 Insolvency Act