South Africa Case Law

Mahomed Mahier Tayob N.O and Another v Standard Bank of South Africa Ltd and Others (078256/2023)

Mahomed Mahier Tayob N.O and Another v Standard Bank of South Africa Ltd and Others (078256/2023) [2024] ZAGPJHC 1158 (14 November 2024)

Court

South Gauteng High Court, Johannesburg

Case number

078256/2023

Judge

Vally

The High Court dismissed an application to set aside creditor votes rejecting a business rescue plan, finding the plan unrealistic, prolonged, and unfair to creditors.

• Business Rescue
• Creditor Voting
• Companies Act 71 Of 2008
• Liquidation Vs Rescue
• Post Commencement Finance
• Business-rescue

FirstRand Bank Ltd v KJ Foods CC (In business rescue) (734/2015)

FirstRand Bank Ltd v KJ Foods CC (In business rescue) (734/2015) [2017] ZASCA 50; [2017] 3 All SA 1 (SCA); 2017 (5) SA 40 (SCA) (26 April 2017)

Court

Supreme Court of Appeal

Case number

734/2015

Judges

Mpati, Theron, Seriti, Van Der Merwe, Schoeman

The Supreme Court of Appeal held that the determination of whether a vote against a business rescue plan is inappropriate under section 153(1)(a)(ii) of the Companies Act entails a single enquiry: whether it is reasonable and just to set aside the vote, considering the interests of the dissenting creditor, the provisions made for them in the plan, and the estimated return in liquidation. The appellant, as a secured creditor, would receive full payment under both the business rescue plan and liquidation, with no prejudice to its interests. The business rescue plan provided substantial benefits…

Source excerpt

• Business Rescue
• Creditors Voting Rights
• Companies Act Interpretation
• Setting Aside Vote
• Liquidation Vs Rescue

KJ Foods CC v First National Bank (75627/2013)

KJ Foods CC v First National Bank (75627/2013) [2015] ZAGPPHC 221 (23 April 2015)

Court

North Gauteng High Court, Pretoria

Case number

75627/2013

Judge

N M Mavundla

The High Court set aside a creditor’s rejection of a revised business rescue plan, adopted the plan, and held the vote inappropriate under section 153(7).

• Business Rescue
• Companies Act Section 153
• Creditor Rights
• Liquidation Vs Rescue
• Business-rescue
• Companies-act-section-153

Copper Sunset Trading 220 (Pty) Ltd v Spar Group Limited and Another (365/2014)

Copper Sunset Trading 220 (Pty) Ltd v Spar Group Limited and Another (365/2014) [2014] ZAGPPHC 688; 2014 (6) SA 214 (LP) (9 May 2014)

Court

North Gauteng High Court, Pretoria

Case number

365/2014

Judge

E.M. Makgoba

The High Court set aside creditors’ rejection of a revised business rescue plan, finding the votes inappropriate and conditionally adopting the plan pending funding.

• Business Rescue
• Creditor Voting
• Companies Act 71 Of 2008
• Post Commencement Finance
• Liquidation Vs Rescue
• Business-rescue