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South Africa decisions
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Armitage NO v Valencia Holdings 13 (Pty) Ltd and Others (638/2022) [2023] ZASCA 157 (23 November 2023)
The Supreme Court of Appeal dismissed an executrix’s section 163 claim, finding no oppressive or unfairly prejudicial conduct in a shareholder loan and buy-sell dispute.
Ferentillo Investments (Pty) Ltd and Others v Motomark (Pty) Ltd and Others (058430/22) [2023] ZAGPPHC 1912 (17 November 2023)
The High Court dismissed a minority shareholders’ oppression claim under section 163 of the Companies Act, finding no unfair prejudice or breach of shareholder rights.
Schnell NO and Others v FMI Trading (Pty) Ltd (60068/19) [2022] ZAGPPHC 387 (2 June 2022)
The High Court granted a provisional winding-up order against FMI Trading (Pty) Ltd after finding the company was factually insolvent and the fourth applicant was a creditor.
Valencia Holdings 13 (Pty) Limited and Others v Armitage N.O. (A5043/2020) [2022] ZAGPJHC 92 (23 February 2022)
The High Court held that interest-free shareholder loans, agreed to and participated in by the deceased, were not oppressive under section 163 and dismissed the claims.
Victor v MCG Industries (Pty) Ltd and Others (47449/20) [2021] ZAGPPHC 860 (14 December 2021)
The High Court dismissed a shareholder dispute application under section 163 of the Companies Act and refused the alternative winding-up relief.
Bowden NO and Others v SA Rice Mills (Pty) Ltd (38133/2017) [2018] ZAGPJHC 434 (18 May 2018)
The High Court granted judgment on a loan secured by a notarial bond, ordered payment with interest and costs, and allowed perfection of the security.
Visnenza NO and Another v Partners Consolidated Investments (Pty) Limited (15/37237) [2017] ZAGPJHC 429 (13 December 2017)
The court found that the respondent was unable to pay its debts within the meaning of section 345(1)(c) read with section 344(f) of the Companies Act, 1973. The respondent's financial statements revealed a significant decline in net asset value and investments, with no income generated and ongoing expenses. The respondent failed to provide credible evidence of improved financial performance and did not take the court into its confidence regarding the source of funds used for certain payments. The respondent's inability to pay its debts was further evidenced by its eviction from its principal…
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Van Wyk v Rheeders (A876/2012) [2014] ZAGPPHC 607 (17 July 2014)
The High Court upheld an appeal in a shareholder-funding dispute, finding the respondent failed to prove an oral agreement for personal payment of 30% of funds raised.
Bester and Others v Coral Lagoon Investments 232 (Pty) Ltd (16168/2012) [2013] ZAWCHC 27; 2013 (6) SA 295 (WCC) (20 February 2013)
High Court liquidation application dismissed after finding the loan fell under the NCA and the company was not shown unable to pay its debts.
Burman v Commissioner for Inland Revnue (72/89) [1990] ZASCA 138; 1991 (1) SA 482 (AD); [1991] 3 All SA 950 (AD) (23 November 1990)
The majority of the court held that the losses sustained by Burman on loans to property companies were of a capital nature and therefore not deductible from taxable income. The court reasoned that the loans constituted fixed capital, as the funds were advanced once and for all and were not intended to be used in a recurring business operation. The anticipated recoupment of the loans was to occur through the sale of shares and loan accounts as a package, but this did not alter the legal nature of the loans as fixed capital. The court distinguished between the acquisition of shares as trading s…
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