Legal Articles and Guides
SCA stops Gupta firms’ rescue termination bid
Two Gupta-owned companies are back in business rescue after the SCA overruled moves to terminate the process. The Citizen reports in 2018, eight of the Gupta family’s companies were placed in voluntary business rescue after the country’s banks closed their accounts.
Regiments Capital pair seeking to stop liquidation
Businessmen Litha Nyhonyha and Niven Pillay, the owners of Regiments Capital, are heading to court to set aside the liquidation of their financial advisory firm, says a Scorpio report on the Daily Maverick site.
Voluntary restructure better than business rescue?
Voluntary restructure – in which a set of remedial measures are agreed between the company and its major stakeholders, being principally its financiers – has been successfully achieved in practice in a number of cases.
Rawlins wants to keep company afloat
After months of silence, Richard Rawlins, who faces legal attacks on his professional integrity over cryptocurrency dealings through his family trust, has come out fighting, calling into question the roles of key individuals in seeking the trust’s liquidation.
VBS liquidator starts work on bigger claims
The VBS Mutual Bank liquidator has said he will soon start processing claims of depositors who had more than R100 000 in the bank when it was placed under liquidation in 2018.
Cape Town hotel facing winding up action
The Vineyard Hotel in Cape Town faces a provisional winding up action over its alleged failure to settle a debt of R159 000. Alan Lyons, director of OnShelf Investment Five, has brought the application in the Western Cape High Court.
Only Parliament can shut down RAF
The Road Accident Fund (RAF) says threats to have it wound up are impossible. In its urgent application for the demise of the RAF, Johannesburg personal injury law firm Maponya Attorneys – appointed to the RAF’s panel of attorneys in 2014 – argued the entity was insolvent.
CPS 'reluctantly' agrees to liquidation route
Cash Paymaster Services (CPS) – the company hired by the SA Social Security Agency (Sassa) to pay social grants – has agreed to go into liquidation after Sassa refused to back down over debt the company owes the agency.
Back to the liquidation drawing board for SAA
SAA is again in the line for liquidation following the failure by government to secure the R10.1bn required to fund the business plan by yesterday's deadline.
Luxury hotel sinks into business rescue
The owners of the luxurious Fairmont Zimbali Hotel announced they have entered into business rescue.
Edcon finalises Edgars sale
Edcon has announced that the sale of parts of the Edgars business in SA to Retailability (Pty) Ltd has been implemented, with all approvals from regulatory authorities and all conditions precedent either fulfilled or waived.
Comair hopes to start flying in December
The future of Comair should be known by 18 September when creditors and shareholders are to make their decision on whether to adopt the business rescue plan tabled on Wednesday.
Buying a Business? Make Sure the Seller Publishes Notice of the Sale
With our economy in trouble and the ongoing pandemic and lockdown damaging more and more businesses by the day, sales by distressed companies and traders are likely to rocket. If you are a prospective buyer here, be aware of one particular danger lurking in the wings for you.
Retired judge to lead inquiry into Gupta assets
Retired Judge Meyer Joffe will chair a closed inquiry into how an estimated R1bn of assets, cash, high-value residential and commercial properties and mining equipment belonging to the Guptas’ Islandsite company allegedly vanished, says a Sunday Times report.
Go-ahead for auction of Durban 'monstrosity'
The sale by public auction of a controversial apartment building on Durban’s Berea will go ahead today. This, reports TimesLIVE, was confirmed by Kurt Knoop, liquidator of Serengeti Rise Industries, which developed the partly-completed nine-story building at 317 Currie Road.
