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MTI opposes final liquidation

By Daily News Published on Tuesday, 02 March 2021
Tags: #Criminal Law #Insolvency Law #Litigation
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.

Ngonyama moves to stop payout to Watson 'front'

By Daily News Published on Monday, 01 March 2021
Tags: #Insolvency Law #Litigation
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.

Paarl companies issued with provisional winding-up order

By Daily News Published on Friday, 19 February 2021
Tags: #Insolvency Law #Litigation
The Western Cape High Court has issued provisional winding-up orders against two companies owned by Paarl businessman Gerhard Meyer.

Attorney defends Sharemax against Ponzi claims

By Daily News Published on Thursday, 11 February 2021
Tags: #Criminal Law #Insolvency Law #Litigation
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.

Judgment reserved on SAA settlement dispute

By Daily News Published on Tuesday, 02 February 2021
Tags: #Employment and Labour Law #Insolvency Law #Litigation
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.

Pandemic puts Ster-Kinekor in business rescue

By Daily News Published on Monday, 01 February 2021
Tags: #Insolvency Law
Ster-Kinekor Theatres, SA’s largest cinema chain, has entered business rescue, notes a Moneyweb report.

117 000 invested in bitcoin scheme that flopped

By Daily News Published on Friday, 22 January 2021
Tags: #Criminal Law #Insolvency Law #Science & Technology Law
It is likely that up to 117 000 investors poured money into the collapsed Mirror Trading International (MTI) investment scheme, Die Burger reports.

Liquidators want more powers in Bitcoin inquiry

By Daily News Published on Monday, 18 January 2021
Tags: #Business & Industry Law #Insolvency Law #Litigation
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.

Restaurant chain beneficiary loses bid to remove trustees

By Daily News Published on Monday, 11 January 2021
Tags: #Insolvency Law #Litigation
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.

How does voluntary liquidation work in South Africa?

By Barnard Incorporated | Nihann van Rooyen | Published on Friday, 08 January 2021
Tags: #Company Law #Insolvency Law
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.

Gupta firm ordered to reinstate BRPs

By Daily News Published on Thursday, 10 December 2020
Tags: #Insolvency Law #Litigation
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.

Long wait for payouts if Steinhoff is liquidated

By Daily News Published on Friday, 04 December 2020
Tags: #Business & Industry Law #Insolvency Law #Litigation
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.

Liquidation a step nearer for Gupta-linked firms

By Daily News Published on Wednesday, 25 November 2020
Tags: #Company Law #Insolvency Law #Litigation
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.

SCA stops Gupta firms’ rescue termination bid

By Daily News Published on Monday, 23 November 2020
Tags: #Insolvency Law #Litigation
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

By Daily News Published on Tuesday, 10 November 2020
Tags: #Insolvency Law #Litigation #Tax Law
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.

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