Mutual Banks Act, 1993

Application to wind up solvent companies in terms of s 81 of Companies Act 71 of 2008 (the 2008 Act); whether Minister of Environmental Affairs may invoke s 157(1)(d) of the Act for standing in the public interest – whether ex parte proceedings and failure to disclose material facts warrants discharge of provisional orders – whether just and equitable for companies to be wound up.

Provisional sequestration order sought on the grounds of s 83 and s 84 of the Banks Act 94 of 1990 – prima facie proof of non-compliance with the Prudential Authority’s directive issued under s 83 sufficient to found sequestration application – the fact that reliance was also placed on s 84 to establish insolvency of the respondents is of no moment as long it is shown on either ground that sequestration will be to the advantage of creditors – appeal against refusal to grant provisional sequestration upheld