Absa Bank Limited v Thermex Carbon Technologies (2013/25849)
Absa Bank Limited v Thermex Carbon Technologies (2013/25849) [2015] ZAGPJHC 294 (10 December 2015)
The court found that while ABSA failed to comply with section 346(4A)(b) of the Companies Act by not filing the required affidavit and did not notify the City of Johannesburg as a known creditor, these were technical defences. Thermex did not demonstrate a bona fide defence to the liquidation application, as it failed to pay the full arrears before the hearing and did not show it was able to pay its debts. The alleged agreement between ABSA and Thermex was conditional on full payment, which was not met. The court held that technical non-compliance does not warrant rescission of the provisiona…
Source excerpt
- Winding Up Orders
- Rescission Of Judgment
- Section 346 4a Companies Act
- Technical Defences
- Locus Standi
- Compliance With Court Orders