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Insolvency

Insolvency Law


Insolvency



Most recent Articles posted

Gupta associate unable to block final sequestration

The final sequestration of Gupta associate Eric Wood by the Transnet Second Defined Benefit Fund, after he was accused of siphoning millions of rand from the entity, is edging closer after he lost his appeal.


Nonprofits linked to dodgy pastor shut down

Two nonprofit religious organisations linked to Nigerian mega pastor and televangelist Joshua Iginla have been placed into provisional liquidation as investigators seek to recover funds from a R650m pyramid scheme.


Opulent lifestyle of graft suspects unpacked

Rushil and Nishani Singh blew more than R120m on ultra-rare cars, spending cash loaned from Investec Bank and meant for road construction projects in Ghana, to assemble a fleet of luxury cars.


Bid to deny fees to business rescuer fails

Business rescue practitioner (BRP) Herman Bester has successfully defended a court bid to forfeit his fees. The Western Cape High Court found that there was no basis for the claims of gross negligence.


MTI mastermind dies in Brazil

The mastermind of what has been described as one of the largest crypto fraud schemes in the world, Mirror Trading International (MTI), has reportedly died in Brazil.


Tariomax liquidators behind Liebenberg raids

A sheriff swooped on Louis Liebenberg's house in Cape Town to attach assets including chairs and a fridge, just days after the diamond dealer launched his bid for Parliament.


BHI Trust claims top R1.64bn

Claims against the BHI Trust have topped R1.64bn and the figure is growing as court-appointed trustees try to unravel what police believe was an elaborate Ponzi scheme run by Craig Warriner, a St Stithians College old boy who worked his former school network with stunning effect, reports The Citizen.


MTI investors angered by bitcoin repayment demand

Liquidators for the insolvent estate of MTI, the bitcoin Ponzi scheme that came crashing down in 2020, have sent out thousands of letters of demand to investors who withdrew funds from the scheme, demanding they repay either the bitcoin or the rand equivalent – but at today’s prices.


End of the road for Habib Overseas Bank

The embattled Habib Overseas Bank has been liquidated a year after the National Treasury placed it under curatorship over governance issues which included allegations that it flagrantly breached SA’s exchange control rules and facilitated money laundering activities.


Afristrat abandons voluntary liquidation bid

The board of Afristrat Investment Holdings, the suspended JSE-listed company in which investors invested R2.3bn in preference shares, has been forced to abandon its planned voluntary liquidation application for now, reports Moneyweb.


Former Luxe CEO fined R7.5m

The JSE has fined former Luxe CEO Helena Grewar R7.5m for selling shares in a closed period, noting that she did not co-operate with its investigation and ‘obstructed’ the JSE's regulatory process, reports BusinessLIVE.


Ousted king’s lawyer must repay R6.5m

Paul Makhavhu, dethroned Vhavenda king Toni Mphephu-Ramabulana's legal adviser, must pay the joint liquidators of VBS Mutual Bank’s majority shareholder, Vele Investments, almost R6.5m he irregularly received in unjustified enrichment.


Liquidator secures win in VBS battle

VBS Mutual Bank liquidator Anooshkumar Rooplal scored another major victory against companies that had banking facilities and received millions of rand from the now defunct financial institution.


Pick n Pay franchisee loses appeal bid

A deeply indebted Pick n Pay franchisee has been dealt a decisive legal blow in his battle against the retail giant. Pick n Pay has now moved to have the franchisee's businesses liquidated.


Bitcoin investors address demands for repayment

Mirror Trading International (MTI) investors are fighting back against demands from the liquidators that any bitcoin withdrawn from the Ponzi scheme be repaid at today’s prices.


Nic Georgiou’s estate provisionally sequestrated

The Gauteng High Court (Pretoria) has placed the estate of the late Nic Georgiou in provisional sequestration. If the order is made final, it may trigger an investigation into what happened to the R4.6bn that thousands of investors invested in the former Highveld Syndication Schemes.


Final sequestration order granted for Ponzi-scheme trust

Scandal-hit investment group, the BHI Trust, which was thrust into the spotlight when its founder surrendered to police on fraud charges last year, has been placed into final sequestration, reports Fin24.


BRP to move on Mango sale

Sipho Sono, he business rescue practitioner (BRP) of low-cost airline Mango, says he is proceeding with selling the airline after Public Enterprises Minister Pravin Gordhan failed to meet a deadline set by the High Court to make a decision on the proposed sale as required by the Public Finance Management Act.


Arthur Kaplan heist wrangle back in court

The legal battle between former Arthur Kaplan CEO Hoosein Mohamed and liquidator Laila Motala continues, with Motala responding to Mohamed’s efforts to have the search warrant executed on him in hospital and the seizure of his phone and other devices overturned.


Ellies on the ropes after failing to diversify

Ellies has filed for business rescue after it couldn’t secure backing from its lenders, Business Day reports.





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