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Insolvency

Insolvency Law


Insolvency



Most recent Articles posted

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Mirror Trading International (MTI) investors are fighting back against demands from the liquidators that any bitcoin withdrawn from the Ponzi scheme be repaid at today’s prices.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


KPMG and VBS secure out-of-court settlement

After dragging KPMG to court, claiming almost R864m plus interest in damages, Anoosh Rooplal, the liquidator of the VBS Mutual Bank, has been sworn to silence and agreed to a confidential settlement with the disgraced audit firm.


MTI investor hit with exorbitant letter of demand

Mirror Trading International (MTI) investor Ben Janse van Vuuren thought he had dodged a bullet in October 2020 when, on hearing that it might be an unlawful scheme, he asked for his money back.


Missing answers in liquidator’s death

Insolvency specialist Cloete Murray was gunned down just two days after he launched an urgent application with the Gauteng High Court (Johannesburg) to invoke section 417 of the Companies Act in his bid to follow the money trail of millions of rands siphoned from Constantia Insurance Company.


Businessman struggling to recover seized assets

A millionaire, who lost everything when he was charged with fraud, theft, money laundering and racketeering relating to a R48m investment at Old Mutual is facing an uphill battle to get his assets back following his acquittal last year.


ANC finally settles banners payment dispute

The ANC has settled its dispute with KZN-based Ezulwini Investments over a R102m payment for election banners.


Bid to sequestrate dodgy attorney fails

Eleven mothers who say attorney Zuko Nonxuba owes them a collective R198m have failed in their bid to have him or his wife Novelano provisionally sequestrated, reports the Daily Dispatch.


‘Unlawful’ liquidation of Bosasa flagged

The nephew of late Bosasa CEO Gavin Watson has reported the Master’s Office in Johannesburg to the Special Investigating Unit (SIU) over the unlawful approval of Bosasa’s liquidation.


Nova unable to repay former Sharemax investors

The Nova Property Group is in a desperate financial position and is unable to repay its debenture holders – former Sharemax investors – anytime soon, if ever.


Post Office BRP trying to stop ‘cash flow bleed’

The Post Office’s debt exceeds it assets by R12.5bn, according to business rescue practitioners who gave their first update after two months at the helm trying to save the state-owned entity, reports BusinessLIVE.


MTI members line up for small dividend

Liquidators for crypto Ponzi scheme Mirror Trading International (MTI) say roughly 10 000 members – out of the hundreds of thousands that signed up – could receive a dividend pay-out of 50c to 60c in the rand.


No hope in sight for Nova investors

The Nova Property Group has, for the seventh consecutive year, failed to publish its financial statements within the six months prescribed by the Companies Act.


BRPs to sell R650m Rebosis assets

Rebosis Property Fund’s business rescue practitioners (BRPs) are to sell 10 of the stricken group’s office properties to Hemipac Investments for R650m.


SARS wins Regiments liquidation battle

The Gupta-linked company Regiments Capital will be liquidated after SARS triumphed in the Constitutional Court, reports Fin24. Regiments Capital featured prominently in questionable tenders awarded to Gupta-linked companies.


Malema wants ANC MP’s assets attached

EFF leader Julius Malema wants the Western Cape High Court to sequestrate the estate of ANC MP Boy Mamabolo more than three years after they buried the hatchet over ‘false and defamatory’ comments made in 2020.





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