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2024
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[2024] ZANCHC 61
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Standard Bank of South Africa Ltd v Tornado Boerdery en Algemene Handelaars CC (131/2022) [2024] ZANCHC 61 (12 July 2024)
IN
THE HIGH COURT OF SOUTH AFRICA
NORTHERN
CAPE DIVISION, KIMBERLEY
Case
No: 131/2022
Reportable:
YES/NO
Circulate
to Judges:
YES/NO
Circulate
to Magistrates:
YES/NO
Circulate
to Regional Magistrates:
YES/NO
In
the matter between:
THE
STANDARD BANK OF SOUTH AFRICA LTD
(Registration
Number: 1962/000738/06)
Applicant
And
TORNADO
BOERDERY EN ALGEMENE
HANDELAARS
CC
(Registration
Number: 2006/080705/23)
Respondent
Coram: Lever J
JUDGMENT
Lever
J
1. This is an
application to place the respondent under provisional liquidation in
the hands of the Master
of this court. This application for
provisional liquidation of the respondent had reached an advanced
stage when the sole interest
holder in the respondent launched an
application under case number 854/2022 to place the respondent under
supervision and initiate
business rescue proceedings.
2. The said
application for business rescue proceedings and the present
application for provisional liquidation
were set down before me for
argument and consideration as two separate matters to be heard on the
same day.
3. The
judgment in the business rescue proceedings under case number
854/2022 will be handed down before
this judgment. I have, for the
reasons set out in that judgment, dismissed the business rescue
application. That leaves the application
for provisional liquidation
for consideration.
4. In the
submissions made in the business rescue proceedings and in the
provisional liquidation proceedings,
Mr Olivier who appeared for
applicant in the business rescue proceedings and for the respondent
in the present application, conceded
that the respondent is
financially distressed that if the respondent herein was unsuccessful
in the business rescue proceedings,
then a provisional winding up
order should be granted.
5. It appears
from the papers that all the formal requirements for a provisional
winding up order have been
duly met.
6. The debt
owed to the applicant is acknowledged by the respondent. The
respondent has acknowledged in
the business rescue proceedings that
it is not servicing this debt and that it cannot meet its obligations
in terms of this debt
as and when such obligations fall due for
payment.
7. It appears
that a provisional liquidation order is appropriate in the
circumstances.
8. The costs
of this application should be costs in the liquidation.
Accordingly,
it is ordered that:
1.
The respondent is placed under provisional liquidation in the hands
of the Master of this court.
2.
A
rule nisi
is hereby issued calling upon all interested
parties to furnish reasons, if any, to this Court at 09H30 on Friday
the 16
th
August 2024, to show why a final order of
liquidation should not be granted against the respondent.
3.
This order must be served on the registered address of the
respondent.
4.
A copy of this Order must be served on:
a. Any
registered Trade Union that, as far as the Sheriff can reasonably
ascertain, represents any of the
employees of the respondent;
b. The
respondent’s employees, if any, by affixing a copy of this
Order to any notice board to which
the employees have access inside
the respondent’s premises, alternatively, by affixing a copy of
this Order to the front
gate or the front door of the business
premises of the respondent;
c. The South
African Revenue Service.
5.
A copy of this Order must be published once in the Government Gazette
and once in the Citizen newspaper.
6.
The costs of this application are to be costs in the liquidation.
Lawrence
Lever
Judge
Northern
Cape Division, Kimberley.
Representation:
For
The Applicants:
Adv
J Els
Instructed
by:
Roux
Welgemoed & Du Plooy
For
The Respondents:
Adv
D Olivier
Instructed
by:
Van
De Waal & Vennote
Date
of Hearing:
27
January 2023
Date
of Judgment:
12
July 2024