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Insolvency Law


Most recent Articles posted

High-risk cryptocurrency scheme to be liquidated

The Eastern Cape High Court (East London) has ruled that the Rawlins Trust, which received about R300m from 991 individuals to invest in high-risk cryptocurrency – and reportedly lost up to R120m in the process – must be finally sequestrated.

Failed crypto scam details revealed in court papers

Court papers filed by the liquidators for failed crypto scam Mirror Trading International (MTI) lift the curtain on one of the most extraordinary investment rip-offs in SA’s history, according to a Moneyweb report.

Allegations of fraud and mismanagement at DearSA

DearSA, an NGO formed to facilitate public participation in the legislature and policy making, has been rocked by allegations of fraud and mismanagement.

Local group tackles Walmart-controlled company

A black-owned supermarket group that has gone out of business has accused a Walmart-controlled company of crippling its once profitable operations.

Steinhoff says liquidation bid set for September

The Western Cape High Court will only consider a bid to liquidate Steinhoff in September, the beleaguered company said in a statement yesterday, according to Fin24.

Guptas-owned Oakbay loses BRP appeal bid

The SCA on Friday rejected an attempt by Gupta-owned Oakbay Investments to have the business rescue practitioners (BRPs) of another of the family's companies, Tegeta, removed.

Assets seized in AFU swoop on investment firm

Five aircraft, one car and 11 pieces of land were seized yesterday as the Asset Forfeiture Unit (AFU) in KZN swooped on an investment firm. The KZN High Court (Pietermaritzburg) granted the AFU a forfeiture order for the vehicles and property, worth R106m, against Coinit Trading and other liquidated entities, says a TimesLIVE report.

PIC inquiry into Musa Group postponed indefinitely

An inquiry funded by the Public Investment Corporation (PIC) to get to the bottom of a costly tie-up with a firm set up by two Americans has been indefinitely postponed, raising fears the fund may never find out what happened to the nearly R1bn loan advanced to the private equity outfit.

Tekkie Town owners seek to liquidate Steinhoff

The former owners of Tekkie Town, which was acquired by Steinhoff in 2016, launched an application in the Western Cape High Court yesterday to liquidate the company.

Survé entities facing PIC legal action blizzard

Entities directly or indirectly controlled by businessman Iqbal Survé, who claims his companies are being discriminated against because they are black-owned, are facing a blizzard of legal proceedings launched by the Public Investment Corporation (PIC) to recover millions of rands in overdue loan repayments to the state-owned asset manager.

Former banker accepts Steinhoff 29c in rand deal

Former banker GT Ferreira is the latest Steinhoff claimant who is willing to accept 29c in the rand for his damages claim, Die Burger reports.

Jared Watson accused of leaking secret inquiry evidence

The liquidators for Bosasa have accused Gavin Watson's nephew, Jared, of leaking evidence from an ongoing secret and confidential inquiry into Bosasa to businessman Kevin Wakeford, who attempted to introduce it during his testimony at the Zondo Commission last week, says a News24 report.

Transet pension fund seeks Wood sequestration

The Transnet Second Defined Benefit Fund (TSDBF) has launched urgent court proceedings in a bid to sequestrate Eric Wood, formerly the CEO of the now defunct Trillian Capital Partners, a financial advisory firm embroiled in the State Capture scandal.

Top court asked to intervene on SA Express

The National Union of Metalworkers and the SA Cabin Crew Association intend asking the Constitutional Court to compel the National Assembly to debate whether state-owned regional airline SA Express should be permitted to go insolvent, says a Fin24 report.

Rolls-Royce added to SAA claimants

An amendment has been made to an annexure of the rescue plan of SAA, with Rolls-Royce added to the list of lessors and their claims.

Missing CEO's estate provisionally sequestrated

Four months after he disappeared, the estate of missing Mirror Trading International (MTI) CEO Johann Steynberg has been provisionally sequestrated.

Guptas take battle with BRPs to top court

The Gupta family have turned to the Constitutional Court in a bid to wrest control of some of their biggest companies from the hands of business rescue practitioners (BRPs) – who they have accused of maliciously implicating them in criminal conduct, according to a News24 report.

Vital Government Gazette notices hit by 'technical glitch'

Legal practitioners have lamented a ‘technical glitch’ that resulted in the government printers not confirming with customers when an advert will appear for publication in the Government Gazette, says a Business Day report.

VBS depositors have three months to collect R100 000

VBS Mutual Bank has completed the transfer of guaranteed retail deposits to Nedbank, giving depositors little more than three months to collect money guaranteed to them based on an agreement between relevant authorities, says a BusinessLIVE report.

Free State Premier's assets attached

Free State Premier Sisi Ntombela described the attachment by a sheriff of five cars and movable assets at her house as ‘political games’, Volksblad reports.

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