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Insolvency Law

Insolvency

Property magnate has to repay investor R10m

By Juta and Company (Pty) Ltd Published on Tuesday, 15 May 2018
Insolvency Law Litigation
Property magnate Nic Georgiou will have to repay a former Pickvest investor more than R10m in capital and interest after the Gauteng High Court (Pretoria) dismissed an application to have a previous default judgment against Georgiou rescinded, says a Moneyweb report.

Judge slams business rescue abuse

By Juta and Company (Pty) Ltd Published on Monday, 07 May 2018
Insolvency Law Litigation
Cape Town business rescue practitioner Faizel Noor was dealt a blow in the Western Cape High Court with his failed attempt at interdicting the transfer of almost 80 000ha of land in Riversdale from his client to a new owner. A Weekend Argus report notes not only did Noor fail to interdict the transfer of a portion of Farm Melkhoute Fontein, but Judge Diane Davis commented in the judgment that the matter ‘illustrates the potential for abuse of the remedy of business rescue’.

Steinhoff CEO’s R26m loan repayment questioned

Steinhoff International Holdings said acting CEO Danie van der Merwe repaid a R26.4m loan backed by company shares that he took a week before the retailer’s stock collapsed, says a Moneyweb report. It claims the timing of the loan raises questions about how much he knew about the financial malpractice that has brought the company to the brink of collapse.

Ex-players file papers against EP Rugby

By Juta and Company (Pty) Ltd Published on Monday, 07 May 2018
Insolvency Law Litigation
The liquidated Eastern Province Rugby (Pty) Ltd has barely made a dent in its debts, having managed to cough up only R423 000 of the almost R24m owed to some of its former players. A Weekend Post report says 18 jilted professional rugby players have now targeted the personal pockets of former EP Rugby Union president Cheeky Watson, then chief executive officer Charl Crous and two company directors in fresh litigation before the Eastern Cape High Court (Port Elizabeth).

Union pushes ahead with SAA business rescue bid

Trade union Solidarity’s officially announced yesterday it would apply to the High Court for an order to place SAA in a business rescue process under the Companies Act, notes a Business Day report. Earlier this week it invited Public Enterprises Minister Pravin Gordhan and Finance Minister Nhlanhla Nene to join its application.

Judge grants winding-up order for 'shell' company

By Juta and Company (Pty) Ltd Published on Friday, 13 April 2018
Insolvency Law Litigation
The financial affairs of controversial KZN businessman Sunny Gayadin – and how he managed to fund failed litigation over the ownership of Durban’s Natal Command – will come under scrutiny now that his company‚ Giant Concerts‚ has been placed in final liquidation.

Application to sequestrate Bobroffs dismissed

By Juta and Company (Pty) Ltd Published on Wednesday, 04 April 2018
Insolvency Law Litigation
The Gauteng High Court (Johannesburg) has handed down judgment in favour of former Johannesburg father and son personal injury attorneys, Ronald and Darren Bobroff, who fled SA for Australia in 2016, notes a Moneyweb report. In March 2017, Acting Judge Etienne Theron provisionally sequestrated the Bobroffs, reasoning that ‘assets may be unearthed that will benefit creditors'.

Hearing on Gupta business rescuers set for tomorrow

By Juta and Company (Pty) Ltd Published on Monday, 19 March 2018
Insolvency Law Litigation
Two business rescue practitioners appointed to oversee some of the Gupta businesses are on the warpath after having to defend themselves against court action to have them removed. A Times Select report notes an urgent application to challenge the appointment of Louis Klopper and Kurt Knoop is set to be heard in the Gauteng High Court (Pretoria) tomorrow.

Creditors seeking 'missing' Bobroff millions

By Juta and Company (Pty) Ltd Published on Monday, 12 March 2018
Insolvency Law Litigation
The hunt is on to track down the 'missing' Bobroff millions – the funds it’s claimed disgraced Gauteng former personal injury attorneys Ronald and Darren Bobroff secreted before they fled SA for Australia, notes Legalbrief. The issue is the subject of a continuing investigation by award-winning journalist Tony Beamish, whose doggedness in reports run on the Moneyweb site led to the exposure of the Bobroffs and their removal from the roll of attorneys in SA.

Business rescue plan to save Gupta companies

By Juta and Company (Pty) Ltd Published on Tuesday, 27 February 2018
Insolvency Law
Ensuring continued operations while securing the jobs of affected employees are the primary objectives of business rescue practitioners appointed to oversee several beleaguered Gupta-linked companies. Johan Louis Klopper and Kurt Rupert Knoop have been appointed as the business rescue practitioners for eight Gupta-linked companies, including Tegeta Resources, Optimum Coal Mine and Shiva Uranium, notes a Fin24 report.

Courts at odds on debt review issue

Debt counselling, implemented as an alternative to sequestration for indebted consumers, is a ‘disaster’ for many consumers, according to practitioners. Rapport notes that the issue of customers wanting to abandon the debt review process has become more complicated with the Western Cape and Gauteng High Courts at odds on the matter.

Sequestration order sought against Zuma nephew

By Juta and Company (Pty) Ltd Published on Monday, 08 January 2018
Insolvency Law Litigation
Liquidators of the Pamodzi Group of Companies have approached the KZN High Court (Durban) seeking a sequestration order against President Jacob Zuma’s controversial nephew, Khulubuse, over a R1.5bn debt, according to a Sunday Tribune report. The move comes after Zuma allegedly failed to honour the payment agreement and hid some assets when the agreement was signed last year.

SEQUESTRATION INSOLVENCY: SEQUESTRATION - RATHER FAIL WITH HONOR THAN SUCCEED IN DEBT (PART 1)

By Esmeraldo and Associates Published on Thursday, 21 December 2017
Insolvency Law
Bad things occur to decent people. It is imperative to comprehend at what time it is worth still fighting, and when it is time to make a new start. In life we walk around with a misconstrued discernment and baggage that we carry along with us. We contemplate that we warrant to ache for the rest of our lives. For example, where people in the position of losing their property or about to lose their property and is still left with a deficit.

INSOLVENCY: LIQUIDATION - RATHER FAIL WITH HONOR THAN SUCCEED IN DEBT (PART 1)

By Esmeraldo and Associates Published on Thursday, 21 December 2017
Insolvency Law
Insolvency refers to a position of reduced legal capacity forced by the courts on persons or companies who are incapable to pay their arrears, whose debts surpass their assets. Insolvency is broken down in two separate categories, namely liquidation and sequestration. Liquidation is the process which applies to businesses or entities, with the exception of sole proprietors and Sequestration is the process for persons or individuals.

IDC to sue Oakbay over loan repayment failure

The cash-strapped, Gupta-owned Oakbay Resources & Energy’s woes have escalated with news that the Industrial Development Corporation (IDC) is suing it for its failure to meet a demand to pay R293m by yesterday. A BusinessLIVE report says the claim arises from the alleged unlawful manipulation of the Oakbay share price ahead of the company’s listing on the JSE in November 2014.

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