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South Africa decisions
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Prudential Authority v Duma (21546/2020) [2024] ZAGPJHC 789 (20 August 2024)
The High Court granted the Prudential Authority’s application for provisional sequestration after finding an act of insolvency and creditor advantage.
Khambule and Another v Registrar of Banks In re: Registrar of Banks v Khambule and Others (256009/14) [2017] ZAGPJHC 414 (17 November 2017)
The High Court dismissed an application to rescind a final sequestration order, finding no basis under rule 42(1) or rule 31(2)(b) and awarding punitive costs.
Khambule and Another v Registrar of Banks; In Re: Registrar of Banks v Khambule and Others (256007/14) [2017] ZAGPJHC 432 (17 November 2017)
The High Court dismissed Khambule’s rescission application against a final sequestration order, holding it was not granted in error or by default.
Registrar of Banks v Sambo (6676/2017) [2017] ZAGPJHC 415 (13 November 2017)
The High Court granted provisional sequestration of Sambo’s estate after finding he participated in an unlawful deposit-taking scheme and was insolvent.
Registrar of Banks v Sambo (6676/2017) [2017] ZAGPJHC 430 (13 November 2017)
The High Court provisionally sequestrated Sambo’s estate after finding he failed to repay money obtained through an unlawful deposit-taking scheme and was insolvent.
Registrar of Banks v Khambule and Others (26009/2014) [2016] ZAGPJHC 318 (23 March 2016)
The court found that the respondents operated a deposit-taking scheme constituting the business of a bank without registration, in contravention of section 11(1) of the Banks Act. The Registrar issued a valid directive under section 83(1) requiring repayment of unlawfully obtained funds, which the respondents failed to comply with. This failure constitutes an act of insolvency under section 83(3)(b). The final report of repayment administrators established that the respondents' liabilities far exceeded their assets, confirming factual insolvency. The constitutional challenge to section 84(1A)…
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Registrar of Banks v Dafel and Others (64378/2013, 64380/2013, 64381/2013) [2014] ZAGPPHC 884 (13 November 2014)
The court found that the Dafel entities, led by Gerritje Dafel, conducted the business of a bank by soliciting and accepting deposits from the public without registration, in contravention of the Banks Act. The inspection and solvency reports established factual and commercial insolvency, with liabilities far exceeding assets and an inability to honour obligations. The Dafel entities failed to comply with directives to repay unlawfully obtained monies, constituting acts of insolvency under the Banks Act and Insolvency Act. The court rejected the application for postponement, finding no good c…
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Registrar of Banks v Net Income Solutions and Others (3056/13) [2013] ZAWCHC 92 (25 June 2013)
The High Court confirmed an interdict against Net Income Solutions and its sole member for operating an unlawful deposit-taking scheme.
Oosthuizen and Another v Robberts (23669/2004) [2008] ZAGPHC 274 (12 September 2008)
The court found that the payments made by the liquidated close corporations to the defendant constituted voidable preferences under section 29 of the Insolvency Act. The payments were made within six months prior to liquidation, at a time when the corporations' liabilities exceeded their assets, and had the effect of preferring the defendant over other creditors. The defendant failed to prove that the payments were made in the ordinary course of business, given the usurious interest rates and the manner of payment, which included cash transactions and internet transfers from the corporations'…
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