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SAA flies into business rescue headwind

By Juta and Company (Pty) Ltd Published on Thursday, 05 December 2019
Tags: #Business & Industry Law #Insolvency Law
After a week of speculation on loss-making SAA’s future, the airline is to be placed in business rescue, the government announced yesterday. Public Enterprises Minister Pravin Gordhan said that business rescue was the best way of avoiding a disorderly implosion of the airline, notes a Business Day report.

SCA judgment a major setback for property magnate

By Juta and Company (Pty) Ltd Published on Monday, 02 December 2019
Tags: #Insolvency Law #Litigation
Property magnate Nic Georgiou may face claims of more than R3bn of investors in two failed Highveld Syndication (HS) schemes, after another defeat in the SCA, says a Moneyweb report.

Mkhwebane laments liquidation threat to Independent Media

By Juta and Company (Pty) Ltd Published on Thursday, 28 November 2019
Tags: #General Legal Practice #Insolvency Law #Media Law
Public Protector Advocate Busisiwe Mkhwebane has apparently noted her concerns about the liquidation application against Sekunjalo Independent Media (SIM), saying to close down the media giant would narrow the number of media voices in the country.

SCA rules that Bosasa is commercially insolvent

By Juta and Company (Pty) Ltd Published on Monday, 25 November 2019
Tags: #Business & Industry Law #Insolvency Law #Litigation
The SCA has ordered that corruption-accused company African Global Operations, formerly Bosasa, is commercially insolvent and should remain in the hands of its liquidators, reports DispatchLIVE.

Jacob Zuma defaults on school fees

By Juta and Company (Pty) Ltd Published on Monday, 18 November 2019
Tags: #Banking & Finance Law #Insolvency Law #Litigation #Property Law
A prestigious KZN school has had to obtain a default judgment against former President Jacob Zuma for his failure to pay school fees of R12 517, Rapport reports.

SCA to decide on Bosasa liquidation saga

By Juta and Company (Pty) Ltd Published on Monday, 18 November 2019
Tags: #Insolvency Law #Litigation
The future of corruption-accused facilities management and security company Bosasa is set to be decided by the SCA after liquidators appointed to wind up the firm, now named African Global Operations, and its subsidiaries have taken their fight to keep the Krugersdorp group under liquidation to the SCA in Bloemfontein.

Sekunjalo directors face probe if liquidation bid succeeds

By Juta and Company (Pty) Ltd Published on Friday, 15 November 2019
Tags: #Insolvency Law #Litigation
In its court application this week to liquidate Sekunjalo Independent Media (SIM) – which controls the country’s largest newspaper group – the PIC annexed an extract from minutes of a 29 October meeting by its portfolio management committee.

PIC seeks to liquidate Sekunjalo Independent Media

By Juta and Company (Pty) Ltd Published on Wednesday, 13 November 2019
Tags: #Insolvency Law #Litigation
The Public Investment Corporation (PIC) has lodged an application to liquidate Sekunjalo Independent Media (SIM), a special purpose vehicle set up in 2013 to buy out Independent Media SA from its Irish owners.

Hawks poised to act against VBS looters

By Juta and Company (Pty) Ltd Published on Monday, 11 November 2019
Tags: #Banking & Finance Law #Insolvency Law #Litigation
Hawks head Lieutenant General Godfrey Lebeya says he expects imminent action in the case against those responsible for looting the now-defunct VBS Mutual Bank.

R800m more than thought looted from VBS – liquidator

By Juta and Company (Pty) Ltd Published on Friday, 08 November 2019
Tags: #Business & Industry Law #Insolvency Law #Litigation
The liquidator of VBS Mutual Bank estimates that about R800m more has been stolen than initially thought, says a Daily Maverick report.

Sale of Gupta-linked mine hits legal snag

By Juta and Company (Pty) Ltd Published on Friday, 08 November 2019
Tags: #Insolvency Law #Litigation
The sale of Koornfontein coal mine – one of the Gupta companies now in business rescue – has hit a legal obstacle: losing bidder Lurco Group is asking the High Court to interdict the business rescue practitioners from selling the mine to another bidder, Black Royalty Minerals (BRM).

Go-ahead given to inspect attorney's accounts

By Juta and Company (Pty) Ltd Published on Monday, 04 November 2019
Tags: #General Legal Practice #Insolvency Law #Litigation
The Law Society of the Northern Provinces has been given the go-ahead to inspect the accounting records of Polokwane attorney Tumi Mokwena following complaints of misconduct.

Liquidator goes after more VBS officials

By Juta and Company (Pty) Ltd Published on Wednesday, 30 October 2019
Tags: #Criminal Law #Insolvency Law #Litigation
The noose is tightening around the erstwhile executives of the defunct VBS Mutual Bank, with the assets of four of its five former senior managers due to be seized to pay back some of the money stolen from the bank.

Shabangu wins appeal against R82m loan repayment

By Juta and Company (Pty) Ltd Published on Wednesday, 30 October 2019
Tags: #Banking & Finance Law #Insolvency Law #Litigation
The Constitutional Court has found that an acknowledgement of the debt agreement, which bound property mogul Roux Shabangu and a number of other high-powered names to the repayment of R82m to the Land and Agricultural Development Bank is unenforceable, on the basis that it stemmed from a loan agreement that was declared invalid, says a Daily Maverick report.

SA Express fighting liquidation application

By Juta and Company (Pty) Ltd Published on Monday, 28 October 2019
Tags: #Insolvency Law #Litigation
SA Express is fending off a liquidation application by a service provider who is seeking R1.2m from the ailing state-owned airline for unpaid services, says a Business Day report.

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