Legal Articles and Guides
Mirror Trading International (MTI), suspected of fleecing investors of up to R8bn, put a spanner in the works by informing the Western Cape High Court that the company is opposing a final liquidation.
Investor and SA’s ambassador to Japan, Smuts Ngonyama, has obtained an interim interdict to stop the payment of about R6.8m in dividends to a company in the Bosasa group that he has accused of BEE fronting.
The Western Cape High Court has issued provisional winding-up orders against two companies owned by Paarl businessman Gerhard Meyer.
Weavind & Weavind director Eckaard Le Roux, the attorney for Sharemax, has refuted suggestions that the property syndication company was a Ponzi or pyramid scheme, notes a Moneyweb report.
The Labour Appeal Court has reserved judgment after hearing arguments on behalf of the National Union of Metalworkers (Numsa) and the SA Cabin Crew Association (Sacca) to have the SAA settlement agreement declared unlawful or unfair, notes a Moneyweb report.
Ster-Kinekor Theatres, SA’s largest cinema chain, has entered business rescue, notes a Moneyweb report.
It is likely that up to 117 000 investors poured money into the collapsed Mirror Trading International (MTI) investment scheme, Die Burger reports.
Provisional liquidators appointed to seize control of failed SA Bitcoin trader Mirror Trading International (MTI) are looking to widen the scope of their inquiry. They are wanting to extend their powers to include the right to call witnesses to an insolvency inquiry, appoint investigators and solicit information from banks, said Herman Bester, one of four interim supervisors appointed to begin work on the matter, according to a Bloomberg report on the Moneyweb site.
The SCA has rejected a bid by the young heir to a popular Greek restaurant chain to have the trustees removed from the company, notes a Sunday Times report.
The process of liquidation involves a company (or close corporation) ceasing all trading activities, selling its company assets and then distributing the proceeds to its creditors. There are two options for the voluntary winding-up of a solvent business.
Two more Gupta-owned companies have to take back their original business rescue practitioners (BRPs) whether they agree with the way they are supervising the businesses undergoing the rescue process or not.
Shareholders who instituted claims against Steinhoff will probably only receive payments from 2031 if the company is liquidated. A report in Die Burger says this scenario is detailed in an explanatory note from the company that had to be issued to seek support for its proposed court-sanctioned scheme of arrangement to settle claims.
Several companies owned by controversial Gupta lieutenants Eric Wood and Salim Essa are close to being liquidated after the Gauteng High Court (Johannesburg) ordered that they be treated as one entity before their winding down, says a Cape Times report.
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.
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.