n Without Prejudice - Just and equitable winding up of solvent companies : uncertainty removed : company law

Abstract

The more things change, the more they stay the same. After discord in the South Gauteng High Court arose about the scope of the application of s81(1)(d)(iii) of the Companies Act 2008, which provides for the winding up by the court of solvent companies on the just and equitable cause, clarity was provided by the Supreme Court of Appeal in Thunder Cats Investments 92 (Pty) Ltd v Nkonjane Economic Prospecting and Investment (Pty) Ltd [2013] ZASCA 164: the position was held to be the same as it was under previous legislation. The just and equitable cause therefore retained its wide scope and is not limited by the circumstances described in paragraphs (i) and (ii) of s81(1)(d).