Solotrade 1088 (Pty) Ltd v Kortec Auto (Pty) Ltd (M486/2019)
Solotrade 1088 (Pty) Ltd v Kortec Auto (Pty) Ltd (M486/2019) [2021] ZANWHC 80 (23 November 2021)
The court found that the respondent is commercially insolvent, as it cannot pay its admitted debt to the applicant and its liabilities exceed its assets. The technical requirements for the liquidation application were met, and the respondent's financial position, despite some improvement, remains insufficient to discharge its debt. Although the respondent pleaded for the court to exercise its discretion against liquidation due to the interests of other creditors and employees, the court determined that a provisional liquidation order is appropriate. This allows interested parties, including o…
Source excerpt
- Company Liquidation
- Commercial Insolvency
- Creditor Petition
- Court Discretion In Liquidation
- Service Requirements
- Costs In Liquidation