FA Konstruksie CC v Mhonyini Trading Enterprize CC In re Asphaltic (Pty) Ltd v Mhonyini Trading Enterprize CC (3182/2021)
FA Konstruksie CC v Mhonyini Trading Enterprize CC In re Asphaltic (Pty) Ltd v Mhonyini Trading Enterprize CC (3182/2021) [2022] ZAMPMBHC 59 (22 July 2022)
The court found that section 347(5) of the Companies Act prohibits the granting of a final winding-up order where a provisional order is already in force. The final order obtained by FA Konstruksie CC was granted while the provisional order in Asphaltic's application was still pending, rendering the final order a nullity. The winding-up is deemed to have commenced on 17 February 2021, the date of Asphaltic's application. The court exercised its discretion under section 354(1) of the Companies Act to set aside the proceedings in FA's application, as the final order should not have been granted…
Source excerpt
- Winding Up Of Close Corporations
- Setting Aside Orders
- Creditor Intervention
- Commencement Of Liquidation