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Insolvency Law


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Justice suspensions linked to Bosasa liquidators

The Department of Justice has suspended two senior officials in the Pretoria Master’s Office, pending investigations into their roles in the appointment of liquidators of corruption-accused group of companies African Global Operations, previously Bosasa.

Investors hope Georgiou's death eases fund recoveries

Investors in the failed Highveld property syndication scheme are hopeful that the death of property mogul Nic Georgiou (76) will ease the road to the recovery of funds. 

Steinhoff turns to ConCourt to stop liquidation bid

Steinhoff, the global retailer at the heart of SA’s biggest corporate fraud, will ask the Constitutional Court to set aside a ruling that an application to have it liquidated can be heard in SA.

Deloitte seeks to intervene in Steinhoff liquidation case

Auditor Deloitte and 128 other parties have applied to intervene in the Steinhoff liquidation matter that threatens its survival, further delaying the legal case that is yet to get off the ground.

Another delay to Rawlins Trust settlement

Cryptocurrency investors in the ill-fated Rawlins Trust will have to wait a while longer for settlement of the trust’s affairs, after Eastern Cape High Court (East London) Judge Bantubonke Tokota granted Richard and Marise Rawlins leave to appeal a narrow but significant issue in his winding-up order for the trust.

Court approves Steinhoff liquidation hearing

The application to liquidate retailer Steinhoff can go ahead this week, Judge Hayley Maud Slingers ruled on Friday evening, dismissing Steinhoff’s application for a postponement, notes a BusinessLIVE report.

Liquidation could destroy settlement process

If Tekkie Town succeeds in its liquidation of Steinhoff, it will cause catastrophic damage to the settlement processes that aim to save Steinhoff and pay thousands of creditors. Instead, creditors are being held ‘to ransom’ by two men applying for the liquidation. 

SIU gets order freezing businessman's R42m assets

The SIU and National Health Laboratory Service (NHLS) have obtained a Special Tribunal order to prohibit businessman Hamilton Ndlovu from disposing of his assets, valued at R42m, according to a News24 report.

Yvette Georgiou finally sequestrated

One half of a Gqeberha power couple, Yvette Georgiou, has been sequestrated after she was unable to cough up payments on more than R35m in loans and suretyships she owed to Grobank.

Ruling clears path for Steinhoff liquidation bid

The former owners of Tekkie Town can proceed with their liquidation application against Steinhoff International, after the Western Cape High Court dismissed the intervention application of two parties and confirmed that the local courts have jurisdiction to hear the case.

Steinhoff deal favours debtholders

Creditors who lost billions will get very little if Steinhoff is not liquidated, while lenders who bought debt after the fraud was exposed will make considerable profits when they are repaid in 2023.

Matjila allegedly got Survé off hook for PIC debt

A court case has laid bare allegations that the former chief executive of the Public Investment Corporation (PIC) secretly signed away state pensioners’ claims worth hundreds of millions of rands to help his alleged friend, media mogul Iqbal Survé, according to an amaBhungane report on the Daily Maverick site.

Fraudster’s financial affairs reviewed in top court

The Constitutional Court has reserved judgment in a consolidated case involving a trust and a company connected to financial adviser Petrus Louw, jailed in March for defrauding his clients of millions of rands.

Edgars suppliers seek better payouts

A group of 10 former Edgars suppliers are applying to the Gauteng High Court (Pretoria) for permission to litigate against Edcon, which is in business rescue, to improve their low payout and get more clarity about why the clothing retailer almost collapsed.

Gupta ally's bid to oppose restraint order dismissed

The directors or shareholders of a Gupta family company have no legal standing to oppose a restraint order without the approval of the business rescue practitioners, the Free State High Court (Bloemfontein) ruled yesterday.

Mango voluntary business rescue ruling upsets unions

In a ruling that has raised concern for unions, the Gauteng High Court (Johannesburg) has approved low-cost airline Mango going into voluntary business rescue, notes Fin24.

Union that backed Survé wants its money back

Dr Iqbal Survé has lost another long-standing ally – the union that lent him workers’ money to help take over Independent Media.

Law firm's authority to act for Gupta company questioned

The NPA has applied for leave to dispute the authority of BDK Attorneys to represent a Gupta-owned company that is the subject of an interim restraint order.

Africrypt fight against liquidation runs into headwinds

Raees Cajee’s attempts to stave off the final liquidation of Africrypt, the crypto investment scheme which appears to have roped in R200m before allegedly being hacked in April, have run into some serious headwinds.

SARS claiming millions from alleged VBS 'fixer'

Court documents filed by SARS’ Criminal and Illicit Economy Activities division in their sequestration case against alleged VBS Mutual Bank fixer-cum-businessman Kabelo Matsepe reveal that the taxman traced millions of undeclared rands, including 'commissions' from the bank, right into Matsepe’s pocket, writes Pauli van Wyk in a Scorpio report on the Daily Maverick site.

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