Klass v Contract Interiors CC (in liquidation) and Others (08/31973)
Klass v Contract Interiors CC (in liquidation) and Others (08/31973) [2009] ZAGPHC 35 (23 February 2009)
The court found that all creditors and the liquidator have been paid, and the corporation is solvent. The second settlement agreement between the parties is clear and unequivocal in obliging both parties to support the application for discharge from liquidation. The respondent's argument for a tacit term limiting this obligation to circumstances where the corporation retains going concern value is unsupported by the express language of the agreement, fails the officious bystander test, and is not necessary for business efficacy. Public policy and commercial morality require that parties honou…
Source excerpt
- Winding Up
- Discharge Of Liquidation
- Contractual Obligations
- Just And Equitable Ground
- Members Interest
- Costs Of Two Counsel