Van Zyl N.O and Another v Cometa Trading (Pty) Ltd (4425/24)
Van Zyl N.O and Another v Cometa Trading (Pty) Ltd (4425/24) [2024] ZAWCHC 368 (14 November 2024)
The court found that the funds in Senqu’s bank account legally belonged to Senqu, as there was no agreement with the bank to treat the funds as Cometa’s. The transfer of R710,763.92 occurred after the commencement of winding-up and thus constituted a voidable disposition under s 341(2) of the Companies Act 61 of 1973. The fact that the transfer was executed by a representative of Cometa did not alter the legal position, as the law attaches no significance to the identity of the person effecting the transfer in determining ownership. The court declined to exercise its discretion to validate th…
Source excerpt
- Winding Up Of Companies
- Voidable Dispositions
- Concursus Creditorum
- Bank Account Ownership
- Judicial Discretion Under Companies Act