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In South Africa, "provisional liquidation" has a very different meaning. When a creditor or other person applies to the court for the liquidation of a business, then the order is first made a provisional basis, and then subsequent confirmed (or not) at a full hearing, much like a decree nisi and a decree absolut in other jurisdictions. [20]
A “debtor,” for the purposes of the Act, is “a person or a partnership, or the estate of a person or partnership, which is a debtor in the usual sense of the word, except a body corporate or a company or other association of persons which may be placed in liquidation under the law relating to companies.”
First National Bank of SA Ltd v Lynn NO and Others [1] is an important case in South African contract law, especially in the area of cession.It was heard in the Appellate Division of the Supreme Court by Joubert JA, Nestadt JA, Van den Heever JA, Olivier JA and Van Coller AJA on 19 September 1995, with judgment passed on 29 November.
The Constitution of the Republic of South Africa, 1996, as the supreme law of the Republic, provides the overarching framework for civil procedure; [6] the Constitution has been responsible for significant changes to civil procedure since its inception in the 1990s, as in, for example, debt collection matters, [7] access to the courts [8] and prescription, in particular with respect to ...
Where a voluntary liquidation proceeds as a creditors' voluntary liquidation, a liquidation committee may be appointed. Where a voluntary winding-up of a company has begun, a compulsory liquidation order is still possible, but the petitioning contributory would need to satisfy the court that a voluntary liquidation would prejudice the contributors.
In South Africa, owners of businesses that had at any stage traded insolvently (i.e. that had a balance-sheet insolvency) become personally liable for the business's debts. Trading insolvently is often regarded as normal business practice in South Africa, as long as the business is able to fulfill its debt obligations when they fall due.
This rate is calculated daily by the South African Futures Exchange as the average prime lending rate quoted independently by a number of different banks. The rate is available in one-month, three-month, six-month and twelve-month discount terms. In particular, the three-month JIBAR rate is used as a benchmark of short-term interest rate movements.
An unsecured creditor is a creditor other than a preferential creditor that does not have the benefit of any security interests in the assets of the debtor. [1]In the event of the bankruptcy of the debtor, the unsecured creditors usually obtain a pari passu distribution out of the assets of the insolvent company on a liquidation in accordance with the size of their debt after the secured ...