by cliffy | Sep 25, 2021 | Commercial Law
Abuse of business rescue process In Absa Bank Limited v Newcity Group (Pty) Ltd and Another Related Matter [2013] 3 All SA 146 (GSJ) the court reiterated the following general principles applicable to business rescue applications, namely: •The threshold...
by cliffy | Sep 25, 2021 | Commercial Law
“Reasonable prospect” of business rescue is required In Oakdene Square Properties (Pty) Ltd and Others v Farm Bothasfontein (Kyalami) (Pty) Ltd and Others 2013 (4) SA 539 (SCA) it was held that, according to s 128(1)(h) of the the Companies Act, ‘rescuing the...
by cliffy | Sep 25, 2021 | Commercial Law
Deregistration and reinstatement of a company In Fintech (Pty) Ltd v Awake Solutions (Pty) Ltd and Others 2013 (1) SA 570 (GSJ), it was held that a High Court could exercise its inherent jurisdiction to validate an act of a company that it had performed in the...
by cliffy | Sep 25, 2021 | Commercial Law
Personal liability of directors In Bellini v Paulsen and Another [2013] 2 All SA 26 (WCC) the court was asked to interpret and give meaning to the phrase ‘conducting the business of a company recklessly and fraudulently’, contemplated in s 424 of the Companies...
by cliffy | Sep 24, 2021 | Commercial Law
Sole trustee and beneficiary The court in Groeschke v Trustee, Groeschke Family Trust and Others 2013 (3) SA 254 (GSJ) had to decide, amongst other things, whether it is possible for a sole trustee of a trust to become the sole beneficiary at the same time. The...