Judgment for IP Members
January 2020
Judgment: SK Naidoo v J Michau & Others (268/2019P) and (3519/2019P)
The applicant (sole director and shareholder) approached the High Court, Pietermaritzburg, for an order in terms of Section 153 (1) (b) (i) (bb) of Chapter 6 of the Companies Act for the setting aside of the whole vote by the creditors and other holders of voting interests against the Business Rescue Plan of the SKN Group (Pty) Ltd t/a Titan Transport.
The First and Second Respondents (BRP’s) opposed the application and sought an order in terms of Section 141 (2) (a) (ii) that the business rescue be discontinued and the company be placed into liquidation. The Court held that the company was both factually and commercially insolvent and that a liquidator would be in a better position to investigate the affairs of the company.
This judgment was kindly sent to us by Mr N Button.