Start Malan liquidating

Malan liquidating

The winding-up of solvent companies is dealt with in ss 79 to 81 of the new Act and their deregistration in ss 82 and 83.

However, in terms of item 9(2) of Schedule 5, ss 343, 344, 346 and 348 to 353 of the 1973 Act do not apply to the winding-up of a ‘solvent company’ except to the extent necessary to give effect to the provisions of Part G of Chapter 2 of the new Act.

Item 9(3) of Schedule 5 provides that in the event of a conflict between a provision of the previous Act that continues to apply and a provision of Part G of Chapter 2 of the new Act with respect to a solvent company, the provisions of the new Act with respect to a solvent company prevails.

The court may further order the winding-up of a solvent company where the practitioner appointed during business rescue proceedings applies for liquidation in terms of s 141(2)(a) on the ground that there is no reasonable prospect of the company being rescued (s 81(1)(b)).

Two further grounds are relevant and they are set out in s 81(1)(c) and (d):(I) the company’s business rescue proceedings have ended in the manner contemplated in section 132 (2) (b) or (c) (i) and it appears to the court that it is just and equitable in the circumstances for the company to be wound up; or (ii) the shareholders are deadlocked in voting power, and have failed for a period that includes at least two consecutive annual general meeting dates, to elect successors to directors whose terms have expired; or[5] The 2008 Act contains numerous innovations.

The result of the deadlock at both levels was that the business of the company could not be conducted and its assets managed to the advantage of the shareholders generally.

The appellants also submitted that there was no evidence that the relationship between the parties had irretrievably broken down and that the court below erred in coming to that conclusion.

The firm was established in 1986 under the sole directorship of Leon Malan. M (SUFFOLK) USA Mr Malan completed the B Proc degree in 1981 and has been practising for his own account since being admitted as an attorney in 1982.

In 2001, the firm formed a branch office in the town of Mokopane/Potgietersrus and appointed Peter Mohale as its head. He later completed the LLM masters degree, specialising in …

They include the institution of business rescue in Chapter 6; the provisions of Part A of Chapter 7 providing for alternative dispute resolution and of Part B of Chapter 7 providing for a number of specific remedies.

They require a reconsideration of the grounds for the winding-up of companies.

The latter statute continues to apply by virtue of the provisions of item 9 of Schedule 5 notwithstanding its repeal with effect from .