Carrim N.O and Others v BP Southern Africa Proprietary Limited and Another (2023-098436) [2025] ZAGPPHC 42 (20 January 2025)
Court
North Gauteng High Court, Pretoria
Case number
2023-098436
Judge
E van der Schyff
The High Court dismissed an application to set aside an alleged business disposal under section 341(2) of the Companies Act, finding no disposal by the company itself.
Prevance Bonds (Pty) Ltd v Voltex (Pty) Ltd (58/2022) [2023] ZASCA 40; [2023] 2 All SA 587 (SCA); 2023 (6) SA 173 (SCA) (31 March 2023)
Court
Supreme Court of Appeal
Case number
58/2022
Judges
Zondi, Schippers, Mbatha, Carelse, Meyer
The Supreme Court of Appeal held that Voltex 2 had established a proper case for rectification of the security cession. The evidence, particularly from Mr Green, demonstrated the parties' common intention to cede book debts to Voltex 2, and the incorrect registration number was a clerical error. Prevance, not being a party to the agreement, could not credibly challenge this evidence. The Court found that rectification of the document did not alter the substantive rights of the parties, as the cession agreement was validly concluded prior to liquidation. Rectification merely corrected the writ…
Mazars Recovery & Restructuring (Pty) Ltd and Others v Montic Dairy (Pty) Ltd (in liquidation) and Others (526/2021) [2022] ZASCA 135; 2023 (1) SA 398 (SCA) (13 October 2022)
Court
Supreme Court of Appeal
Case number
526/2021
Judges
Ponnan, Makgoka, Gorven, Hughes, Chetty
The Supreme Court of Appeal held that payments made to business rescue practitioners after the commencement of liquidation proceedings, as defined by the presentation of the application for winding-up, are void under s 341(2) read with s 348 of the Companies Act 61 of 1973 unless validated by a court order. The court rejected the appellants' argument that the Companies Act 71 of 2008 creates a statutory exception for such payments, finding that ss 143(1), 135(3), and 143(5) do not confer a right to payment after business rescue has terminated and liquidation has commenced. The practitioners f…
Pride Milling Company (Pty) Ltd v Bekker NO and Another (393/2020) [2021] ZASCA 127; [2021] 4 All SA 696 (SCA); 2022 (2) SA 410 (SCA) (30 September 2021)
Court
Supreme Court of Appeal
Case number
393/2020
Judges
Petse, Ponnan, Wallis, Mokgohloa, Carelse
The Supreme Court of Appeal held that s 341(2) of the Companies Act renders void all dispositions of property by a company being wound-up after the commencement of winding-up, unless the court orders otherwise. The discretion to validate such dispositions is limited to payments made before the grant of a provisional winding-up order. Once a provisional order is granted, a concursus creditorum is established, and the court has no power to validate payments made thereafter. The payments made by Irfan to Pride Milling after the provisional order were void and could not be validated. The payment…
Thomson & De Kock Construction Company (Pty) Ltd v Terblanche NO and Others (12870/19) [2020] ZAWCHC 55 (19 May 2020)
Court
Western Cape High Court, Cape Town
Case number
12870/19
Judge
P.A.L. Gamble
The court found that the liquidators, having disposed of the only asset of the insolvent company to Slipknot without securing payment and in the face of a known dispute regarding creditor preference, acted imprudently and grossly negligently. The confirmed liquidation and distribution account, which awarded the applicant a dividend, was not shown to be incorrect or prepared in error, and the liquidators failed to establish any grounds for reopening the account. The applicant is entitled to payment in terms of the confirmed account, and the liquidators are personally liable for the amount due,…
Pouroullis v Market Pro Investments 106 (Pty) Ltd (South African Bank of Athens Ltd and Absa Bank Ltd (20370/2015) [2016] ZAGPJHC 12 (12 February 2016)
Court
South Gauteng High Court, Johannesburg
Case number
20370/2015
Judge
Van der Linde
The High Court dismissed a company director’s bid for business rescue, finding no reasonable prospect of rescue and granting provisional winding-up.
Body Corporate Bedford Place v Mesquita (44397/2014) [2015] ZAGPJHC 345 (6 October 2015)
Court
South Gauteng High Court, Johannesburg
Case number
44397/2014
Judge
L Windell
The court found that the respondent is hopelessly insolvent and has failed to make bona fide disclosures regarding his financial position and assets. The respondent's conduct, including repeated promises and inconsistent versions regarding payment and asset disposition, justified the appointment of a trustee to investigate and realise assets for the benefit of creditors. The court held that the applicant had provided sufficient evidence to satisfy the requirements of section 12(1)(c) of the Insolvency Act, as there is a reasonable prospect that sequestration will result in some benefit to cre…
