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South Africa decisions
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Mere and Others v Amogelang Logistics CC and Others (124343/2024) [2024] ZAGPPHC 1270 (22 November 2024)
The High Court refused an urgent bid to place Amogelang Logistics CC under business rescue, finding no factual basis for a reasonable prospect of rescue.
Schwartz v Tornado Boerdery and Algemene Handelaars CC and Others (854/2022) [2024] ZANCHC 62 (12 July 2024)
The applicant failed to establish a reasonable prospect of rescuing the first respondent as required by section 131 of the Companies Act. The court found that the applicant's cash flow projections were unreliable due to misrepresentation of cultivated hectares and failure to reconcile inconsistencies. The applicant did not fulfil his undertaking to make a substantial payment to the affected party, nor did he provide a credible explanation for this failure. The affidavit from the business rescue practitioner was disregarded as it was not included in the founding papers and lacked substantiatio…
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Nedbank Limited v Pacinamix (Pty) Ltd and Others (2023-107019) [2023] ZAGPJHC 1383 (27 November 2023)
The High Court set aside Pacinamix’s business rescue resolution and placed the company in final winding-up, finding no reasonable prospect of rescue.
Gouws v Eraki Trading 12 CC t/a Timmermans Kitchens and Others (2944/2022) [2023] ZAGPJHC 953 (16 August 2023)
The High Court dismissed a business rescue application, finding the applicant’s evidence about future work and recovery prospects was speculative and uncorroborated.
Kgoro Consortium (Pty) Ltd and Another v Cedar Park Properties 39 (Pty) Ltd and Others (935/2020) [2022] ZASCA 65 (9 May 2022)
The Supreme Court of Appeal held that the appellants failed to establish a reasonable prospect of rescuing Cedar Park Properties 39 (Pty) Ltd as required by s 131(4)(a) of the Companies Act. The evidence did not show how the development would be financed or that business rescue would yield a better return for creditors than liquidation. The application relied on a lapsed sale agreement and vague indications of interest, which did not meet the statutory threshold. Consequently, the appeal to place Cedar Park under business rescue was dismissed. Regarding the costs order against Smit Sewgoolam…
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Anjo Property and Investments CC v Mitsubishi East Rand, A Division of Imperial Group Ltd In re Anjo Property and Investments CC v Mitshibishi East Rand, A Division of Imperial Group Ltd (NCT/127479/2019/148(1)) [2019] ZANCT 156 (22 May 2019)
The Tribunal dismissed an appeal against refusal of condonation for a late application to refer, finding no reasonable prospect of success on the merits.
Civil Engineering Development CC v Blue Horizon Investments 11 (Pty) Ltd (Cranbrook (Pty) Ltd and Another Intervening) (28463/2016) [2017] ZAGPPHC 398 (29 June 2017)
The court found that neither Cranbrook nor Mapundi established reasonable prospects for rescuing Blue Horizon. The evidence presented was speculative, lacking substantiation, and did not demonstrate viable contracts or timeframes for proposed projects. The Development Bank's position was inconclusive, and the supplementary affidavit was inadmissible. The property value was insufficient to satisfy the major creditor, and there was no evidence of how other debts or the business rescue practitioner's remuneration would be addressed. The intervention applications were granted, but the business re…
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Loots v Nongoma Medical Centre CC and Another (5639/2016) [2016] ZAWCHC 76 (24 June 2016)
The High Court dismissed a business rescue application, finding it was not brought bona fide and appeared aimed at delaying liquidation and rental collection.
Pouroullis v Market Pro Investments 106 (Pty) Ltd (South African Bank of Athens Ltd and Absa Bank Ltd (20370/2015) [2016] ZAGPJHC 12 (12 February 2016)
The High Court dismissed a company director’s bid for business rescue, finding no reasonable prospect of rescue and granting provisional winding-up.
Newcity Group (Pty) Limited v Pellow N.O. and Others (577/2013) [2014] ZASCA 162 (1 October 2014)
The Supreme Court of Appeal held that Newcity Group failed to establish a reasonable prospect of rescuing Crystal Lagoon Investments 53 (Pty) Limited. The third-party offers presented were commercially unviable, required CCBC to forfeit securities, and did not provide sufficient funding to cover the debt. The hotel remained unable to service its debt or pay its manager, and the proposed business rescue plans did not offer a better return for creditors than liquidation. The court found that the minimum threshold for business rescue was not met, as none of the offers would provide CCBC with a r…
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