Legal Articles and Guides
Rebosis goes into business rescue
Rebosis Property Fund has gone into business rescue and will implement a turnaround plan in a bid to stay afloat.
Probe into Afristrat’s implosion
Almost all of the R1.5bn investment by JSE-listed Afristrat Investment Holdings Limited in Frankfurt-listed MyBucks SA, a microlender in several southern African countries that collapsed and is now in liquidation, has been lost.
SARS lodges R931m claim against MTI
SARS has lodged a claim for R931.1m against Mirror Trading International (MTI), the collapsed bitcoin investment scheme, reports Moneyweb.
Optimum curator uneasy about contractors’ profit
The curator of the former Gupta-owned Optimum Coal Mine has highlighted his unease over mining taking place on the property, which is proving highly profitable for contractors while Optimum receives a relative pittance in royalties, reports Fin24.
Scramble for AMI church funds
Multimillion-rand investments and companies belonging to controversial Alleluia Ministries International (AMI) church leader Alph Lukau and associates are believed to be undergoing liquidation, prompted by a Johannesburg-based conglomerate’s move to recover R50m for alleged breach of contract.
Bank fails in bid to enforce payment of debt
Al Baraka Bank has failed in its High Court attempt to enforce payment of a disputed debt owed to it by Cecita CC since 2015.
Nine-year battle over gate may continue with appeal
After Maxwell Mokoteli installed a security gate at his apartment, the body corporate of Viking Villas in Kraaifontein pursued him all the way to the High Court, where it obtained a sequestration order.
Nedbank owed R1.7bn by Comair
Nedbank is the institution with the biggest exposure to Comair, amassing nearly half of the total of R4bn the airline owed to creditors when it filed a court application last week to wind down its operations and liquidate its assets, reports BusinessLIVE.
Comair placed in provisional liquidation
Comair was placed in provisional liquidation by the Gauteng High Court (Johannesburg) yesterday, reports Fin24. The liquidation is necessary for Comair to preserve its fleet of aircraft, valued at about R3.5bn, for the benefit of creditors, according to the company's business rescue practitioners (BRPs).
Dilemma over Sharemax’s half-built mall
The majority stake of the massive half-built and derelict shopping mall, The Villa, in Pretoria, the flagship project of the failed Sharemax investment scheme, may soon be liquidated or sold to a third party, reports Moneyweb.
Comair lists R3.5bn assets, R4bn liabilities
Comair has listed assets worth at least R3.5bn as its business rescue practitioners have lodged an application to wind down the company after failing to secure R500m to stay afloat.
Senior Master’s Office officials ‘persecuted’
Two high-ranking officials in the Master’s Office claim they are being persecuted for fighting corruption.
Ticket prices to rocket after Comair liquidation
Comair, the once-thriving operator of Kulula and British Airways (BA) in SA, is set to shut up shop permanently after running out of cash, a development that could push local airline ticket prices to record highs and stall the recovery of the tourism industry and the broader economy.
Legal battle over iconic Durban high-rise
An iconic high-rise in Durban is at the centre of a legal battle between two property developers, reports Sunday Times Daily. At the heart of the matter is the R205m sale of the 30-storey block on Dr Pixley Ka Seme Road, formerly 320 West Street.
MTI fugitive may employ the 'Ronnie Biggs defence'
Mirror Trading International (MTI) founder and CEO Johann Steynberg’s attempt to be released from prison or placed under house arrest while awaiting extradition to SA was shot down by a judge in Brazil this week.
