Absa Bank Limited v Summer Lodge (Pty) Ltd (63188/2012 , 63189/2012, 63190/2012)
Absa Bank Limited v Summer Lodge (Pty) Ltd (63188/2012 , 63189/2012, 63190/2012) [2013] ZAGPPHC 544 (23 May 2013)
The court held that the meaning of 'liquidation proceedings' in section 131(6) of the Companies Act 71 of 2008 is confined to the actual process of winding-up a company following the granting of a winding-up order by the court. The legal proceedings taken by a creditor to obtain such an order are excluded from the definition. The court relied on the grammatical meaning of 'liquidation' and 'proceedings', relevant statutory provisions, and case law, concluding that only after a winding-up order is granted do liquidation proceedings commence. Therefore, the launching of business rescue applicat…
Source excerpt
- Business Rescue
- Winding Up
- Interpretation Of Companies Act
- Liquidation Proceedings
- Section 131 6
- Provisional Liquidation