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South Africa decisions
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Nedbank Ltd v Pilisanani Trading Enterprise 59 CC and Another (1301/2020P) [2021] ZAKZPHC 34 (18 June 2021)
The High Court set aside a voluntary business rescue resolution and the practitioner’s appointment, finding no reasonable prospect of rescuing the company.
Panamo Properties (Pty) Ltd and Another v Nel N.O. and Others (35/2014) [2015] ZASCA 76; 2015 (5) SA 63 (SCA); [2015] 3 All SA 274 (SCA) (27 May 2015)
The Supreme Court of Appeal held that non-compliance with the procedural requirements of sections 129(3) and (4) of the Companies Act does not automatically render a business rescue resolution a nullity or terminate business rescue proceedings. Instead, the Act requires that any challenge to the resolution, including for procedural non-compliance, must be brought by way of an application to court under section 130. The court must then determine whether it is just and equitable to set aside the resolution. The business rescue process only terminates when a court order is granted setting aside…
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Vincemus Investments (Pty) Ltd v Louhen Carriers CC and Another (16550/13) [2013] ZAGPPHC 520 (7 May 2013)
The court postponed an urgent business rescue challenge because the applicant failed to notify all affected persons, and ordered wasted costs.
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