Winding-up of company

In FirstRand Bank Ltd (“FirstRand”) v Lodhi 5 Properties Investment CC (“Lodhi”) 2013 (3) SA 212 (GNP) the court held that there is no indication in the 2008 Act that the legislature intended, particularly as it left s 345 of the 1973 intact, to do away with the principle that a company (or close corporation) may be liquidated on the grounds of its ‘commercial insolvency.’

For clarity sake, it is mentioned that section 345(1) of the 1973 Act provides that a company will be deemed unable to pay its debts in a number of circumstances, including if a creditor to whom the company is indebted in a sum over R 100 has served on the company a demand to pay the sum so due; or where a company on which a demand to pay a debt has been served has failed to pay the debt within three weeks; or where a sheriff has issued a nulla bona return; or if it is proved to the satisfaction of the court that the company is unable to pay its debts.

“I have successfully used Shaun in commercial arbitration, corporate/commercial law matters and in the arena of insolvency law, in all of which he is well accomplished.”
- Grant Davidson [businessman for three decades]

“Shaun is well versed in business and the laws governing general business, but particularly the information technology industry and Shaun is professional and loyal to a fault”
– Tinus Neethling [managing director of Rorotika Technologies]

“Shaun is imaginative, hardworking, accommodating and honest – Shaun acted for Pirelli Tyres before, while and after I was the managing director of the company, dealing with all legal matters, including the drafting and enforcement of various types of contracts and other litigious matters.”
- Ashley Cooper [former managing director of Pirelli Tyres]

“Shaun’s service is efficient, honest and of the highest professional standard – Shaun acted for the construction companies of which I was the financial director/officer, dealing with all legal matters related to the construction industry, including litigation and the drafting and enforcement of construction related contracts and negotiations.”
- Carel van Reenen [former financial director of Stocks Roads]

“Shaun Nel’s  services were consistently of the highest ethical & professional standards I experienced in my near four decade banking career – Shaun having acted for the bank in enforcing
lending agreements, drafting bank related agreements and giving guidance on various aspects involving banking.”
- William King Powell [retired Standard Bank manager]

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