GCC Engineering (Pty) Ltd and Others v Maroos and Others (901/2017)
GCC Engineering (Pty) Ltd and Others v Maroos and Others (901/2017) [2018] ZASCA 178; 2019 (2) SA 379 (SCA) (3 December 2018)
The Supreme Court of Appeal held that section 131(6) of the Companies Act 71 of 2008 suspends only the process of liquidation proceedings, not the winding-up order itself or the appointment and powers of provisional liquidators. The directors of a company in liquidation lose their management powers, which do not revert to them during the suspension period. There is no statutory or common law basis for re-vesting control and management in the directors once a winding-up order has been granted. The Master of the High Court has no role in business rescue proceedings and cannot be required to ove…
Source excerpt
- Business Rescue
- Liquidation Proceedings
- Powers Of Liquidators
- Companies Act
- Role Of Master
- Director Management