Educated Risk Investments 54 (Pty) Ltd v The Master of the High Court, Johannesburg and Others (18358/2020)
Educated Risk Investments 54 (Pty) Ltd v The Master of the High Court, Johannesburg and Others (18358/2020) [2021] ZAGPJHC 461 (27 September 2021)
The court held that section 408 of the Companies Act 61 of 1973 is clear: once the Master confirms the liquidation and distribution account and distribution commences, the account has the effect of a final judgment and cannot be reopened. Payments to Nedbank and Imperial had already been made, and the applicant's challenge to their shareholding was precluded by the settlement agreement made an order of court in November 2018. The applicant failed to demonstrate any substantial injustice as required by section 157 of the Insolvency Act. The application for reopening the account, as well as the…
Source excerpt
- Liquidation And Distribution Account
- Final Judgment Effect
- Reopening Of Account
- Settlement Agreement
- Punitive Costs
- Share Acquisition Regulation