Absa Bank Limited v Jeff & Braam Truck Parts CC (41288/2014)
Absa Bank Limited v Jeff & Braam Truck Parts CC (41288/2014) [2015] ZAGPPHC 410 (14 May 2015)
The respondent did not dispute its indebtedness to the applicant on bona fide and reasonable grounds. The applicant complied with section 346(4A) of the Companies Act 1973, as the requirement is to furnish application papers to specified persons after lodging with the Registrar and before a final order is granted. The respondent's submissions regarding business rescue and the economic climate do not constitute valid grounds to oppose liquidation. The distinction between commercial and factual insolvency is settled: commercial insolvency justifies liquidation under the old Act. Given the respo…
Source excerpt
- Winding Up Of Companies
- Commercial Insolvency
- Section 346 4a Compliance
- Final Liquidation Order