Hillcrest Village (Pty) Ltd and Another v Waterkloofspruitprojects (Pty) Ltd and Others (4741/2006)
Hillcrest Village (Pty) Ltd and Another v Waterkloofspruitprojects (Pty) Ltd and Others (4741/2006) [2008] ZAGPHC 133 (29 April 2008)
The court found that both applicants, as sureties and cessionaries, have a sufficient legal interest to seek relief under section 420 of the Companies Act. The applicants established a prima facie case of irregularity, mala fides, and possible fraud in the liquidation process, including the sale of assets at nominal value without proper advertisement and the failure of liquidators to act in the best interests of creditors. The court held that denying the applicants standing would be inconsistent with section 34 of the Constitution, especially where the liquidators themselves are implicated in…
Source excerpt
- Company Liquidation
- Locus Standi
- Fiduciary Duties Of Liquidators
- Fraud And Mala Fides
- Reopening Liquidation Account
- Costs De Bonis Propriis