Chemagic (Pty) Ltd v Van der Schyff (17353/2020)
Chemagic (Pty) Ltd v Van der Schyff (17353/2020) [2021] ZAGPJHC 820 (13 December 2021)
The court found that the applicant had complied with all formal requirements and established the respondent's act of insolvency under section 8(b) of the Insolvency Act. The respondent admitted indebtedness and failed to provide evidence of solvency or full disclosure of assets and liabilities. The sale of the property and settlement of other creditors justified further investigation. The respondent's allegations of abuse of process and lack of advantage to creditors were not supported by the facts. The court was satisfied that there was reason to believe sequestration would be to the advanta…
Source excerpt
- Compulsory Sequestration
- Act Of Insolvency
- Advantage To Creditors
- Abuse Of Process
- Jurisdiction Under Insolvency Act