Legal Articles and Guides
VBS creditors get R458m, but hunt for cash goes on
The liquidator of the defunct VBS Mutual Bank, which went under after it became a playground for politicians and their associates, has paid R458m to the bank’s creditors, including municipalities that unlawfully invested money in the bank, reports Business Day.
Acsa refutes liquidation claims
A day after hundreds of passengers were left stranded due to a refuelling issue experienced by Airports Company SA (Acsa), it released a statement quashing claims it was undergoing liquidation and had left service providers in the lurch due to non-payment, reports Business Day.
Bid to liquidate Konka boss over R10m debt
Kutlwano Pitso, the owner of the popular upmarket lifestyle entertainment venue Konka and the Moja Cafes, could have his businesses liquidated after allegedly failing to settle a R10m investor debt.
Security company seeks Acsa liquidation
Documents lodged in the Gauteng High Court (Johannesburg) last week indicate that a service provider has applied for Airports Company SA’s (Acsa) liquidation for failing to pay the contracted service provider monies owed for services rendered.
State forks out R176m for Sapo business rescue
At the end of September, the SA Post Office (Sapo) had been in business rescue for about 13 months at a cost to the state of R176m, according to TimesLIVE.
Unsuccessful Ecsponent liquidator petitions SCA
The investor in financially distressed Ecsponent, who unsuccessfully attempted to provisionally liquidate the previously JSE-listed company, has not thrown in the towel yet, reports Moneyweb.
Gazettes running again following court order
The Government Printing Works (GPW) can now print all three legal gazettes as it has been mandated, and ordered by the courts, to do.
Liebenburg liquidators target Lindiwe Zulu
The liquidators of diamond dealer Louis Liebenberg’s money schemes have indicated that they will go after several well-known individuals to recover funds allegedly received through the scheme.
Leisure Trading on the ropes
Sports lifestyle retailer Frame Leisure Trading, which operates The Cross Trainer, XKids and XTrends stores and entered into voluntary business rescue in August this year, is to be liquidated.
SARS wins property mogul sequestration battle
SARS has won a court battle to place the estate of controversial property mogul Roux Shabangu and the Roux Shabangu Family Trust under provisional sequestration, reports Fin24.
Liquidators gun for former VBS spokesperson’s assets
The long arm of the law seems to have caught up with former VBS Mutual Bank spokesperson Tsumbo Matambela – as liquidators of the defunct bank are pursuing a writ of execution against the assets he allegedly obtained through loans from the bank which he allegedly never repaid.
Ex-chief director rubbishes Master’s Office findings
Theresia Bezuidenhout – the former Acting Chief Master and chief director at the Master's Office – has rubbished Special Investigating Unit (SIU) findings implicating her in misconduct, including the liquidation of Bosasa, claiming the unit was ‘weaponised to target certain individuals’.
Lawyer admits to blowing looted cash
Law firm Fluxmans claims its former director Solomon Slom (81) admitted to stealing millions from a client's escrow account – and said it was forced to sequestrate Slom to stop him from blowing the cash he has left.
Louis Liebenberg’s lawyer detained
The attorney of controversial diamond trader Louis Liebenberg spent the weekend in police cells for failure to comply with an order by an insolvency inquiry commissioner, Netwerk24 reports.
R178m Investec loan: Singh siblings arrested
Rushil and Nishani Singh yesterday appeared in the Specialised Commercial Crimes Court in Palm Ridge on charges of uttering, forgery and fraud in connection with falsified bank guarantees supplied to Investec Bank to secure a R178m loan.
