Judgment: T C Van Zyl & Another v Cometa Trading (Pty) Ltd

19 November 2024

Dear Member

The applicants are the joint liquidators of Senqu Coal Trading (Pty) Ltd (in liquidation) who sought to recover R710,763.92 transferred from Senqu’s bank account to the respondent after the commencement of Senqu's winding-up.

The liquidators argued that this payment, made after the liquidation process had started, should be declared void under section 341(2) of the Companies Act. The respondent opposed, claiming the funds belonged to them, and the transfer was made in good faith.

The court ruled in favour of the liquidators, declaring the disposition void and ordering the respondent to repay the amount with interest and costs.

Kindly sent to us by Thomas van Zyl of Progressive Administration (Cape).

Take care,

René Bekker
Chief Operating Officer

  T C Van Zyl & Another v Cometa Trading (Pty) Ltd. WC Case No:4425/24