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Roestorf NO and Another v Johns (12036/07) [2012] ZAKZDHC 48 (28 August 2012)
The High Court granted absolution from the instance, holding that shareholders were not the proper plaintiffs to claim losses caused to the company.
Roestorf NO and Another v Johns (12036/07) [2012] ZAKZDHC 39; 2013 (2) SA 459 (KZD) (28 June 2012)
The court held that the plaintiffs, as majority shareholders, were not the proper parties to claim damages for the loss of share value and loan accounts resulting from the liquidation of the company. The rule in Foss v Harbottle dictates that the company itself is the proper plaintiff in such circumstances, and none of the recognised exceptions to the rule applied. The plaintiffs had every opportunity to authorise the company to institute proceedings or to liaise with the liquidators but failed to do so. Allowing the claim would circumvent the liquidation process and potentially prejudice cre…
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