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[2011] ZAGPPHC 192
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Marynco Motors BK (10158/11) [2011] ZAGPPHC 192 (14 September 2011)
NOT
REPORTABLE
IN
THE NORTH GAUTENG HIGH COURT,
PRETORIA
(REPUBLIC OF SOUTH AFRICA)
CASE
NO: 10158/11
DATE:14/09/2011
In
the matter between:
MARYNCO
MOTORS
BK
.............................................................................................
Applicant
REG
NO: 2001/035771/23
JUDGMENT
MAKGOKA,
J:
[1]
This is an application for liquidation of the applicant close
corporation. On 16 February 2011 I dismissed the application and
undertook to furnish the reasons therefor. Here are my reasons.
[2]
The deponent to the affidavit supporting the .application, is the
sole member of the close corporation. The close corporation's
principal business is the buying and selling of vehicles. It is
alleged in the application that the liabilities of the close
corporation
exceed its assets. The assets are stated to be in the
amount of R445 000 while the liabilities are R1 645 543.68. This is
all what
is stated in the affidavit as the reasons for the
application to liquidate the corporation.
[3]
There are no facts averred from which it can be deduced how the
liabilities came to exceed its assets. The two major liabilities
of
the corporation are an overdraft with Absa for an amount of R1 126
651.96 and a hire purchase agreement with ABSA for R481 690.
[4]
In the absence of an explanation how the overdraft was utilized, I am
unable to determine whether the affairs of the corporation
have not
been conducted fraudulently or recklessly. The deponent being the
sole member of the corporation, has all the information
within her
knowledge, but elected not to disclose them to the Court, e.g.
whether she stood surety for these liabilities and whether
her
personal estate been sequestrated, etc. Courts have a duty to see to
it that its process is not abused.
[5]
On the paucity of the information, I dismissed the application.
TM
MAKGOKA
JUDGE
OF THE HIGH COURT
DATE
OF HEARING : 16 FEBRUARY 2011
JUDGMENT
DELIVERED : 14 SEPTEMBER 2011
FOR
THE APPLICANT :
INSTRUCTED
BY : SERFONTEIN VIUOEN &SWART ATTORNEYS, PRETORIA