MCL5903 January February Portfolio 2024 (COMPLETE ANSWERS) - DUE 19 January 2024
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MCL5903 - CORPORATE INSOLVENCY LAW
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University Of South Africa
MCL5903 January February Portfolio 2024 (COMPLETE ANSWERS) - DUE 19 January 2024 100% TRUSTED workings, explanations and solutions. For assistance call or W.h.a.t.s.a.p.p us on +/ 2/ 5/ 4 /7 /7 /9 /5 /4 /0 /1 /3 /2 .
Question 1 (20 marks) Best Bank Ltd institutes an application for winding-up of G...
DUE DATE: 19 January 2024
Question 1 (20 marks)
Best Bank Ltd institutes an application for winding-up of Getaway Trucking (Pty) Ltd
(‘Getaway’).
The winding-up application is based upon a ‘without prejudice’ letter of reply from Getaway
to a letter of demand by Best Bank Ltd. In terms of the letter of demand, Best Bank Ltd is
seeking payment of arrears under the loan agreement.
The letter of reply from Getaway specifically states that ‘the company will tender payment
only if there were surplus funds available for repayment of arrears.’ Getaway denies that it
is commercially insolvent. Getaway further says that in terms of the loan agreement
entered with Best Bank Ltd, part of the debt giving rise to the winding-up application was
extinguished by prescription.
Lastly, Getaway argues that the remainder of the debt was not yet due and payable as it
had been subordinated to the debts of other creditors of the company by agreement
between the parties. Therefore, according to Getaway, it was not indebted to Best Bank
Ltd. You are appointed the legal adviser of Best Bank Ltd, and must provide advice on the
legal position of Best Bank Ltd regarding the following matters:
a. The laws specifically applicable should Getaway be wound up and the reasons for the
application of such laws. (5)
In South Africa, the laws governing the winding-up of companies are primarily regulated by
the Companies Act, 2008. Here are the relevant laws that would be applicable if Getaway
Trucking (Pty) Ltd were to be wound up:
1. Companies Act, 2008 (Act No. 71 of 2008): The primary legislation governing the
winding-up of companies in South Africa is the Companies Act. Part D of Chapter 2
(Sections 79 to 128) of the Companies Act specifically deals with business rescue and
winding-up proceedings. Section 81 of the Companies Act provides the grounds on which a
court may order the winding-up of a company.
2. Insolvency Act, 1936 (Act No. 24 of 1936): The Insolvency Act is another important piece
of legislation that may be relevant in the context of winding-up. If Getaway is found to be
insolvent, the Insolvency Act may come into play, providing additional procedures and
consequences.
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