Ex Parte: Gore NO and Others (18127/2012)
Ex Parte: Gore NO and Others (18127/2012) [2013] ZAWCHC 21; [2013] 2 All SA 437 (WCC) (13 February 2013)
The court found that the King Group was operated as a single entity by its controllers, with no meaningful distinction between the holding company and its subsidiaries. The disregard for separate corporate personalities and the misallocation of investors' funds constituted an unconscionable abuse of juristic personality. Section 20(9) of the Companies Act provides a statutory basis for the court to disregard the separate legal existence of the companies and treat their assets as those of the holding company for the purpose of settling investors' claims. The statutory remedy is available whene…
Source excerpt
- Piercing Corporate Veil
- Companies Act Section 20 9
- Group Enterprise Liability
- Liquidation Distribution
- Unconscionable Abuse Of Juristic Personality