EBM Project (Pty) Ltd and Another v Barak Fund SPC Ltd In re: The Holland Insurance Company Ltd v The Master of the High Court and Others (2021/18884)
EBM Project (Pty) Ltd and Another v Barak Fund SPC Ltd In re: The Holland Insurance Company Ltd v The Master of the High Court and Others (2021/18884) [2021] ZAGPJHC 384 (14 June 2021)
The court held that the business rescue practitioner, Mr Venter, failed to comply with the mandatory notice requirements under sections 141 and 145 of the Companies Act by proceeding ex parte and not joining affected parties. This omission constituted a jurisdictional defect and rendered the application unlawful. The relief sought, including extended powers for the provisional liquidator and Mr Venter's appointment as consultant, was not competent under the statutory regime. The court found that Mr Venter's conduct was negligent and at odds with his fiduciary duties, warranting a punitive cos…
Source excerpt
- Business Rescue Proceedings
- Notice To Affected Persons
- Conversion To Liquidation
- Joinder Of Parties
- Costs De Bonis Propriis