The Bank launched four applications where it sought the provisional liquidation of the respondents on the grounds that they were unable to pay their debts and relied on section 68 (c) and (d) as well as section 69(1) of the Close Corporation Act 26 of 1988 and section 349 and s 350(1)(a) Companies Act 28 of 2004. The root of the application stemmed from several bank facilities advanced to the respondents. The respondents allegedly breached the payment obligations to the Bank.
The respondents opposed the application by raising three points, which . . .