Air Tratment Engineering And Maintanance CC v Pac-Con Pharmaceuticals (3394/2014)
Air Tratment Engineering And Maintanance CC v Pac-Con Pharmaceuticals (3394/2014) [2016] ZAKZDHC 34 (25 July 2016)
The court held that the applicant failed to establish that the respondent was commercially insolvent as required under section 344(f) of the Companies Act 61 of 1973. The application was based on the old Act, which only applies to insolvent companies, while the respondent demonstrated solvency under the new Companies Act 71 of 2008. The applicant did not allege or prove commercial insolvency, and the respondent bona fide disputed the amount claimed and the basis for payment. The court found that liquidation proceedings are not appropriate for enforcing a disputed debt and that the application…
Source excerpt
- Winding Up Of Company
- Commercial Insolvency
- Solvency And Liquidity Test
- Prescription
- Disputed Debt
- Procedural Formalities