Hassan and Another v Berrange NO (170/05)
Hassan and Another v Berrange NO (170/05) [2006] ZASCA 79; 2012 (6) SA 329 (SCA) (31 May 2006)
The Supreme Court of Appeal found that the respondent, as provisional liquidator, had established a liquidated claim against the appellants arising from the misappropriation of MITRAJAYA shares, with the amount readily ascertainable from market values. The first appellant's conduct in pledging and disposing of the shares without proper board or shareholder authority, and in breach of statutory requirements, constituted a clear act of insolvency under section 8(d) of the Insolvency Act. The attempted transfer of funds abroad further evidenced intent to prejudice creditors. The court held that…
Source excerpt
- Sequestration Procedure
- Acts Of Insolvency
- Liquidated Claim
- Misappropriation Of Shares
- Director Liability
- Cross Border Insolvency