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Insolvency Law


Most recent Articles posted

Scramble for AMI church funds

Multimillion-rand investments and companies belonging to controversial Alleluia Ministries International (AMI) church leader Alph Lukau and associates are believed to be undergoing liquidation, prompted by a Johannesburg-based conglomerate’s move to recover R50m for alleged breach of contract.

Bank fails in bid to enforce payment of debt

Al Baraka Bank has failed in its High Court attempt to enforce payment of a disputed debt owed to it by Cecita CC since 2015.

Nine-year battle over gate may continue with appeal

After Maxwell Mokoteli installed a security gate at his apartment, the body corporate of Viking Villas in Kraaifontein pursued him all the way to the High Court, where it obtained a sequestration order.

Nedbank owed R1.7bn by Comair

Nedbank is the institution with the biggest exposure to Comair, amassing nearly half of the total of R4bn the airline owed to creditors when it filed a court application last week to wind down its operations and liquidate its assets, reports BusinessLIVE.

Comair placed in provisional liquidation

Comair was placed in provisional liquidation by the Gauteng High Court (Johannesburg) yesterday, reports Fin24. The liquidation is necessary for Comair to preserve its fleet of aircraft, valued at about R3.5bn, for the benefit of creditors, according to the company's business rescue practitioners (BRPs).

Dilemma over Sharemax’s half-built mall

The majority stake of the massive half-built and derelict shopping mall, The Villa, in Pretoria, the flagship project of the failed Sharemax investment scheme, may soon be liquidated or sold to a third party, reports Moneyweb.

Comair lists R3.5bn assets, R4bn liabilities

Comair has listed assets worth at least R3.5bn as its business rescue practitioners have lodged an application to wind down the company after failing to secure R500m to stay afloat.

Senior Master’s Office officials ‘persecuted’

Two high-ranking officials in the Master’s Office claim they are being persecuted for fighting corruption.

Ticket prices to rocket after Comair liquidation

Comair, the once-thriving operator of Kulula and British Airways (BA) in SA, is set to shut up shop permanently after running out of cash, a development that could push local airline ticket prices to record highs and stall the recovery of the tourism industry and the broader economy.

Legal battle over iconic Durban high-rise

An iconic high-rise in Durban is at the centre of a legal battle between two property developers, reports Sunday Times Daily. At the heart of the matter is the R205m sale of the 30-storey block on Dr Pixley Ka Seme Road, formerly 320 West Street.

MTI fugitive may employ the 'Ronnie Biggs defence'

Mirror Trading International (MTI) founder and CEO Johann Steynberg’s attempt to be released from prison or placed under house arrest while awaiting extradition to SA was shot down by a judge in Brazil this week.

Game over for Gupta-linked company

A Gupta-linked company that secured prime Sandton property for development in a deal with the City of Johannesburg has lost a court bid to halt its liquidation.

Judgment reserved in Mokwena trust sequestration case

Suspended Limpopo lawyer Tumi Mokwena faces an application in the Limpopo High Court (Polokwane) for the sequestration of his Dikwenanyana Trust, which was allegedly used to hide assets from his liquidated law firm.

MTI investors want liquidators removed

Lawyers representing some of the Mirror Trading International (MTI) investors questioned the accuracy of figures provided by the liquidators as the matter unfolded in the Western Cape High Court, reports Moneyweb.

R53bn in claims lodged over Steinhoff fraud

Steinhoff on Friday said it has received more than 43 000 claims from investors, such as pension and investment funds, which held the stock that was punished in the wake of SA’s biggest accounting fraud.

Ruling a warning against business rescue abuse

The recent judgment of the Gauteng High Court (Pretoria) in Commissioner for SARS v Louis Pasteur Investments (Pty) & Others highlights issues relevant to the abuse of the business rescue procedure.

SCA blow for ANC’s Bosasa feeders

The SCA yesterday set aside a High Court judgment that effectively halted the most consequential work by Bosasa liquidators.

MTI ‘masterminds’ issued with R4.7bn summons

Mirror Trading International’s (MTI) liquidators have issued a joint summons against 18 individuals to pay almost R4.7bn to cover the scheme’s debts – with 7% interest.

Ster-Kinekor’s business rescue plans bears fruit

Ster-Kinekor observed an increase in cinema attendance during March and April, which was aided by the re-opening of more screening locations, increased trading time and the release of must-see titles.

Denel faces liquidation bid from former manager

A former senior manager and Denel executive, Reenen Teubes, has applied to the Gauteng High Court (Pretoria) to have the arms manufacturer liquidated and its affairs wound up after trying in vain to extricate outstanding salaries to the tune of R1.2m.

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