CIVIL PRACTICE – PROVISIONAL LIQUIDATION OF CLOSE CORPORATION FOR FAILING TO PAY DEBTS
The applicant launched an application whereby it sought the provisional liquidation of the respondent on the grounds that the respondent was unable to pay its debts and relied on s 68(1)(c) of the Close Corporation Act, 26 of 1988. The root of the application stems from a credit facility, whereby the applicant sold wheels and tyres to the respondent. The respondent allegedly breached the payment obligation to the applicant. The respondent opposed the application and in doing so raised three points, being . . .