Legal Articles and Guides
Only 10% of VBS depositors not repaid
The Prudential Authority (PA) has revealed only 10% of depositors who had deposited funds into VBS Mutual Bank in excess of R100 000 are now waiting in line to be repaid from any funds the liquidator has been able to recover from selling off VBS assets or recouping outstanding loan payments.
Another Liebenberg attorney withdraws
Alleged Ponzi scheme kingpin Louis Liebenberg’s protracted bid for bail has hit another snag, with his attorneys again withdrawing from the matter and the disgraced diamond dealer now planning to call 55 witnesses to give evidence in his application, reports News24.
Trustee institutes legal action against Nova Group
A Nova trustee, representing debenture holders, has instituted legal action and initiated regulatory complaints against the Nova Property Group.
Almost R730m recovered from looted VBS
Nearly R730m has now been clawed back from the wreckage of VBS Mutual Bank, the SARB’s Prudential Authority (PA) said in its latest annual report, according to TimesLIVE.
Mango’s business rescue plan halted
The process of reviving state-owned low-cost airline Mango appears to have been stopped after the Gauteng High Court (Johannesburg) declared that its business rescue plan cannot be implemented.
Investors circle as Nova faces liquidation move
One of Nova Property Group’s service providers has filed liquidation applications against the holding companies of six of its shopping centres – a move that, according to Moneyweb, could have serious consequences for former Sharemax investors.
Daybreak placed into business rescue
The board of directors of crisis-hit state-owned chicken producer Daybreak Foods has placed the company into business rescue, reports News24.
Scramble for funding as Daybreak creditors close in
The Public Investment Corporation (PIC) is engaged in a desperate last-minute cash scramble to prevent its embattled chicken producer, Daybreak Foods, going into liquidation.
KleuterZone CEO provisionally sequestrated
The personal estate of former KleuterZone CEO Kobus Schoeman was provisionally sequestrated yesterday. He did not oppose the application.
SARS wants Lucky Montana declared insolvent
In a R46m tax legal battle scheduled to begin today, SARS has filed an application in the Gauteng High Court (Pretoria) for the attachment of assets belonging to former Prasa CEO Lucky Montana.
KleuterZone founder’s estate provisionally sequestrated
The missing founder and CEO of KleuterZone, Anthonie Bouga’s personal estate was provisionally sequestrated yesterday, meaning he can no longer access his SA bank accounts, reports Fin24.
Pastor’s Constantia mansion under the hammer
Standard Bank has targeted pastor and politician Jerome Swartz’s upmarket Cape Town home.
Liquidators and Tariomix curator square off
An attorney who was appointed as curator of the company Tariomix is now in a legal battle with the liquidators to avoid being questioned in a section 417 inquiry.
Liquidators and Tariomix curator square off
An attorney who was appointed as curator of the company Tariomix is now in a legal battle with the liquidators to avoid being questioned in a section 417 inquiry.
Ithala Bank seeks access to R863m in frozen funds
Ithala Bank yesterday brought an urgent application before KZN High Court (Pietermaritzburg) Judge Muzi Ncube in a bid to access frozen funds to pay staff salaries after the SARB’s Prudential Authority (PA) suspended all activities on the bank’s accounts in January.
