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Imobrite (Pty) Ltd v DTL Boerdery CC (1007/2020) [2022] ZASCA 67 (13 May 2022)
The Supreme Court of Appeal upheld a creditor’s appeal and ordered provisional winding-up of a close corporation under s 69 of the Close Corporations Act.
Firstrand Bank Limited v Vecto Trade 68 (Pty) Ltd (17435/2013) [2014] ZAWCHC 26 (4 March 2014)
The respondent is commercially insolvent, unable to pay its debts as they become due, and has failed to comply with a statutory demand. The evidence presented regarding factual solvency is unreliable and does not demonstrate the availability of liquid assets to satisfy creditors. The wishes of other creditors, as represented, are not reasonable given the respondent's financial position. The sale of the respondent's properties would likely destroy its business as a property-owning company, and it would not be able to continue trading after satisfying the applicant's claim. Commercial insolvenc…
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