Ndakisa v Dokose Construction CC and Another (2934/2015)
Ndakisa v Dokose Construction CC and Another (2934/2015) [2015] ZAECGHC 79 (25 August 2015)
The court found that Dokose Construction CC is financially distressed but factually solvent, with assets exceeding liabilities and significant equity in immovable property. The applicant provided a sufficient factual foundation for the existence of a reasonable prospect of rescuing the respondent, as required by s 131 of the Companies Act and the Oakdene and Propspec cases. The business rescue practitioner would have options unavailable to the applicant due to current cash flow problems and the provisional liquidation order. The court was satisfied that the application was not an abuse of pro…
Source excerpt
- Business Rescue
- Companies Act 71 Of 2008
- Liquidation Vs Business Rescue
- Reasonable Prospect Standard