South African Reserve Bank and Another v Johnine Winsome Elisie Maddocks N O and Another (1268/2021)
South African Reserve Bank and Another v Johnine Winsome Elisie Maddocks N O and Another (1268/2021) [2023] ZASCA 4; [2023] 2 All SA 61 (SCA); 2023 (4) SA 85 (SCA) (23 January 2023)
The Supreme Court of Appeal held that the liquidation of the companies did not nullify the blocking orders issued under the Exchange Control Regulations. As the blocking orders were extant at the time of liquidation, it was competent for the Reserve Bank to issue forfeiture orders after liquidation. The forfeiture orders did not render the Reserve Bank a creditor of the insolvent companies, nor did the forfeited monies fall into the insolvent estates for distribution by the liquidators. The regulatory framework for currency and exchanges, including the power to block and forfeit assets, opera…
Source excerpt
- Exchange Control Regulations
- Forfeiture Orders
- Blocking Orders
- Liquidation And Concursus Creditorum
- Statutory Interpretation