| |
|
|
|
When is a
provisional judicial management order granted by the Master of the
High Court? |
The
Court may, if it appears just and equitable, grant a judicial
management order in respect of a company under Companies Act, 1973,
(No. 61 of 1973) Sec427 when a company by reason of mismanagement
or for any other cause is unable to pay its debts or is probably
unable to meet its obligations; - and has not become or is prevented
from becoming a successful concern and there is a reasonable
probability that, if it is placed under judicial management, it will
be enabled to pay its debts or to meet its obligations and become a
successful concern.
All of the abovementioned property companies were
placed under provisional judicial management on request of the sole
director, Hendrik C Lamprecht. It has transpired that two additional
directors were appointed, by special resolution directly before the
provisional judicial management order, namely Danie Burmeister and
Tian Erasmus. These three directors are responsible for the holding
companies’ management, in which your monies were invested. The
holding companies are not under judicial management and this report
therefore does not include the financial nor administrative position
of the holding companies.
During a judicial management order, the court replaces
the directors, in this case the director/s of the property companies.
The judicial managers did NOT step in to the role of
Bluezone Property Investments (Pty) Ltd (in liquidation).
Provisional judicial managers are appointed, to assume control until
the final judicial managers can be appointed. If the provisional
judicial managers cannot return the company to solvency, then they may
recommend to the court that the companies are wound up.
The goal of judicial management is therefore to assist
a company to become a successful and financially viable concern.
|
|
|
