Judgment: Mastercard Foundation v Africa Founders Ventures & Others

13 March 2026

Dear Member

The attached judgment of Gautschi AJ, in the High Court, Johannesburg, is the result of an opposed application for the setting aside of the resolution to commence business rescue proceedings and for the provisional winding up of the first respondent.

Mr B. Urban, the business rescue practitioner, opposed the application on the grounds that the application was materially defective.

The Court granted an order declaring the resolution to commence business rescue a nullity and set it aside.

The Court found further that the applicant had provided well-founded grounds to justify a punitive de bonis cost order against the first respondent and Mr Urban.

Kindly provided to us by Morgan Barry of Standard Bank.

Take care

René Bekker
Chief Operating Officer

  Judgment: Mastercard Foundation v Africa Founders Ventures & Others. Case No: 2025/067947