Kliprivier Gedeelte 8 (Pty) Ltd v Bees Winkel (Pty) Ltd (5270/2023)
Kliprivier Gedeelte 8 (Pty) Ltd v Bees Winkel (Pty) Ltd (5270/2023) [2024] ZAFSHC 202 (4 July 2024)
The court found that the respondent's indebtedness to the applicant was disputed on bona fide and reasonable grounds. The sale agreement for the shares was not approved by special resolution of all shareholders, failed to comply with the liquidity test, and lacked an independent report as required by the Companies Act and the MOI. The respondent's opposition was adequately substantiated, and the applicant failed to establish a clear and enforceable claim. Consequently, the requirements for a provisional winding-up order were not met.
Source excerpt
- Company Winding Up
- Creditor Standing
- Share Buyback
- Memorandum Of Incorporation
- Liquidity Test