South Africa Case Law

Timasani (Pty) Ltd (in business rescue) and Another v Afrimat Iron Ore (Pty) Ltd (91/2020)

Timasani (Pty) Ltd (in business rescue) and Another v Afrimat Iron Ore (Pty) Ltd (91/2020) [2021] ZASCA 43; [2021] 3 All SA 843 (SCA) (13 April 2021)

Court

Supreme Court of Appeal

Case number

91/2020

Judges

Wallis, Schippers, Nicholls, Gorven, Unterhalter

The SCA held that Afrimat could recover a provisional deposit paid for assets of a company in business rescue because the money was not property of the company.

• Business Rescue
• Companies Act 71 Of 2008
• Moratorium On Legal Proceedings
• Deposit Repayment
• Non Joinder
• Creditor Notification

Investec Bank v Strydom and Others (45664/2012)

Investec Bank v Strydom and Others (45664/2012) [2013] ZAGPJHC 59 (28 March 2013)

Court

South Gauteng High Court, Johannesburg

Case number

45664/2012

Judge

C G Lamont

The court found that two procedural defects occurred: the liquidation and distribution account was available for inspection at the incorrect venue, and the liquidator failed to transmit notice to the applicant creditor by registered post as required by the Companies Act and its regulations. These defects deprived the applicant of the opportunity to object to the account, resulting in substantial injustice. The failure to use registered post meant the date of posting and actual notification could not be established, undermining the applicant's rights. The court held that the confirmation of th…

Source excerpt

• Liquidation And Distribution Account
• Procedural Irregularity
• Creditor Notification
• Preferential Rights
• Review Of Master Decision