Liquidating a ltd company

Title condition 5B(ii) in Title Deed 06/99802 in favour of Willow Water Homeowners Association, No 96/99802 (an association incorporated in terms of Section 21 of the Companies Act, No 61 of 1973, as amended), constitutes a personal right.2.The Second Respondent may effect transfer of the immovable property from the insolvent estate of Christiaan Petrus van der Walt (Master's Ref No.The amended relief sought by the applicants is, in my view, nothing more than a refined consolidation of a practical solution to the problem.

liquidating a ltd company-21liquidating a ltd company-1liquidating a ltd company-13liquidating a ltd company-7

In terms of a written agreement between the insolvents and the first respondent, the insolvents, subject to certain conditions, became members of the first respondent.

It is undisputed that the insolvents, before their sequestration, owed the amount of R426 319 83, for outstanding levies and penalties, in terms of the provisions of the aforementioned contract, to the first respondent, and that the said amount was, and still is, due and payable.

The property was subsequently, after sequestration, valued for forced sale purposes at R700 000 00.5.

In this regard Mr de Koning relied on Cohen NO v Verwoerdburg Town Council 1983(1) 334 (AD) at 352 B-C.13.

The real problem in this matter turns upon the question whether the applicants should be permitted to transfer the property in question without the consent of the first respondent, and thus, without the required clearance certificate issued in terms of Title Condition 5(B)(ii).

Leave a Reply