South Africa Case Law

Oakbay Investments (Pty) Ltd v Tegeta Exploration and Resources (Pty) Ltd and Others (1274/2019)

Oakbay Investments (Pty) Ltd v Tegeta Exploration and Resources (Pty) Ltd and Others (1274/2019) [2021] ZASCA 59 (21 May 2021)

Court

Supreme Court of Appeal

Case number

1274/2019

Judges

Ponnan, Wallis, Saldulker, Goosen, Unterhalter

The court found that Oakbay's application for removal of the BRPs was not supported by evidence of an actual conflict of interest or lack of independence. The alleged conflict was speculative and based on hypothetical future scenarios, not on the BRPs' personal interests or conduct. Both business rescue plans treated the disputed intercompany loans consistently, and statutory mechanisms existed to independently appraise claims. The BRPs' duty was to investigate and act in the interests of all creditors, not to pursue adversarial litigation within the group. The court held that there was no re…

Source excerpt

• Business Rescue
• Conflict Of Interest
• Removal Of Practitioner
• Companies Act Section 139
• Intercompany Loans

Oakbay Investments (Pty) Ltd v Tegeta Exploration and Resources (Pty) Ltd and Others (83344/18)

Oakbay Investments (Pty) Ltd v Tegeta Exploration and Resources (Pty) Ltd and Others (83344/18) [2019] ZAGPPHC 411 (30 August 2019)

Court

North Gauteng High Court, Pretoria

Case number

83344/18

Judge

Potterill

The court dismissed Oakbay’s bid to remove Tegeta’s business rescue practitioners, finding no disqualifying conflict of interest and awarding punitive costs.

• Business Rescue
• Conflict Of Interest
• Removal Of Practitioner
• Shareholder Rights
• Subordination Agreement
• Business-rescue

Absa Bank Limited v Marotex (Pty) Ltd and Others (1046/15)

Absa Bank Limited v Marotex (Pty) Ltd and Others (1046/15) [2016] ZAGPPHC 1190 (28 October 2016)

Court

North Gauteng High Court, Pretoria

Case number

1046/15

Judge

Hughes

High Court case on business rescue, locus standi, and conversion to liquidation. The court refused liquidation, but removed the practitioners.

• Business Rescue
• Winding Up
• Locus Standi
• Misrepresentation
• Removal Of Practitioner
• Business-rescue