Venter v Matsepe and Others (4528/2018)
Venter v Matsepe and Others (4528/2018) [2019] ZAFSHC 17 (28 March 2019)
The court found that the first and second respondents, as joint liquidators, lacked authority to act without the participation of the third co-liquidator. The powers of attorney produced did not confer valid authority, as joint liquidators must act jointly and any disagreement must be referred to the Master in terms of section 382 of the Companies Act. The respondents did not obtain authority from a meeting of creditors nor did they seek direction from the Master or the court to resolve the impasse. Consequently, the fifth respondent had no authority to represent the first and second responde…
Source excerpt
- Liquidator Authority
- Locus Standi
- Companies Act 1963
- Powers Of Attorney
- Costs Award