Timasani (Pty) Ltd (in business rescue) and Another v Afrimat Iron Ore (Pty) Ltd (91/2020) [2021] ZASCA 43 (13 April 2021)

Citation
Timasani (Pty) Ltd (in business rescue) and Another v Afrimat Iron Ore (Pty) Ltd (91/2020) [2021] ZASCA 43 (13 April 2021)
Media Neutral Citation
[2021] ZASCA 43
Hearing date
10 March 2021
Court
Supreme Court of Appeal of South Africa
Case number
91/2020
Judges
Schippers JA, Wallis JA, Nicholls JA, Gorven AJA, Unterhalter AJA
Judgment date
13 April 2021
Language
English
Type
Judgment
Media summary
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Flynote

Business rescue – s 133 of the Companies Act 71 of 2008 (the Act) – moratorium on legal proceedings against company in business rescue – sale of company’s assets – deposit provisionally paid pending conclusion of sale agreements – sale not concluded – deposit not property belonging to company or lawfully in its possession – recovery of deposit not precluded by s 133. Section 145(1)(a) of the Act – notice of court proceedings to creditors concerning business rescue proceedings – a general notification requirement – duty to notify
creditors rests on business rescue practitioner.

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