Firstrand Bank Limited v Stand 638 Kyalami Estates (Pty) Ltd (44573/2020)
Firstrand Bank Limited v Stand 638 Kyalami Estates (Pty) Ltd (44573/2020) [2024] ZAGPJHC 819 (22 August 2024)
The applicant established, through undisputed evidence, that the respondent failed to pay a debt due and owing under a facility agreement and suretyship, despite proper notice in terms of section 345 of the Companies Act. The respondent's opposition was not properly authorised and lacked substantive evidence, including financial statements. The court found that the respondent's factual insolvency was demonstrated and that it is just and equitable to grant a provisional liquidation order to ensure proper investigation and equitable distribution among creditors. The respondent's arguments regar…
Source excerpt
- Company Liquidation
- Factual Insolvency
- Suretyship
- Section 344 Companies Act
- Section 345 Companies Act