Moodliar and Others v Recycling and Economic Initiative of South Africa NPC and Others; Gore and Others v Kusaga Taka Consulting (Pty) Ltd and Others (977/2019)
Moodliar and Others v Recycling and Economic Initiative of South Africa NPC and Others; Gore and Others v Kusaga Taka Consulting (Pty) Ltd and Others (977/2019) [2020] ZASCA 101; 2020 (6) SA 386 (SCA) (15 September 2020)
The Supreme Court of Appeal held that liquidators are not entitled to retain company assets to secure or pay their proposed fees before the estate account has been taxed and confirmed. Upon discharge of the provisional liquidation order, all assets, including funds earmarked for liquidator remuneration, must be restored to the company. The Companies Act 61 of 1973 and its Regulations do not permit liquidators to retain or appropriate assets for their fees prior to confirmation of the estate account. The authorities cited by the liquidators do not support their position; rather, they reinforce…
Source excerpt
- Winding Up Of Companies
- Liquidator Remuneration
- Return Of Company Assets
- Estate Account Confirmation