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South Africa decisions
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Firstrand Bank Limited v Ibest (Pty) Ltd (A88/2021) [2022] ZAGPPHC 906 (22 November 2022)
Appeal against dismissal of a winding-up application upheld; the respondent company was placed under final winding up.
Business Partners Ltd v Quick Leap Investments 221 (Pty) Ltd (6168/2010) [2010] ZAKZDHC 65 (26 November 2010)
The court found that the applicant had complied with section 346(4A)(a)(ii) of the Companies Act, as it was common cause that the respondent had no employees. The respondent's attempt to withdraw its admission regarding the absence of employees was rejected as a dilatory tactic. The respondent's financial position was dire, with undisputed evidence of failure to repay a substantial loan, arrears on municipal accounts, and inability to pay debts. The court held that the respondent was unable to pay its debts within the meaning of section 345(1)(c) of the Companies Act. An adjournment to allow…
Source excerpt
River Corporate Finance (Pty) Ltd v Diamond Core Resources (Pty) Ltd (642/2009) [2009] ZANCHC 21 (3 July 2009)
The High Court granted final winding-up of Diamond Core Resources (Pty) Ltd, rejecting arbitration and counterclaim defences and finding the company unable to pay its debts.
Xu v Kilimanjaro Property (Pty) Ltd (40666/07) [2008] ZAGPHC 244 (2 June 2008)
The High Court dismissed a shareholder’s winding-up application, finding no sufficient basis to show the company was dormant or unable to pay its debts.
Norval NO v Square One Power Solutions (Pty) Ltd (24831/05) [2006] ZAGPHC 41 (2 May 2006)
The High Court dismissed a shareholder’s bid to wind up a company as just and equitable or for inability to pay debts, finding insufficient proof and available alternatives.
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