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According
to section 420 of the Companies Act 61 of 1973, "when
a company has been dissolved, the court may at any time on
an application by the liquidator of the company, or by any
other person who appears to the Court to have an interest,
make an order", declaring the dissolution to be void.
Any proceedings may thereafter be taken against company,
as though the company had not been dissolved.
In
the court a quo,
(Pretoria High Court, now known as North Gauteng High
Court), Mavundla J declared the dissolution of
Waterkloofspruit Projects (Pty) Ltd "to have been
void". This decision was taken on appeal in the
matter of Cronje NO &
others v
Hillcrest
Village
(Pty) Ltd & another [2009] JOL 23905 (SCA).
In
a judgment handed down by the Supreme Court of Appeal this
morning, the court dealt with this application to avoid
the dissolution of the liquidated company.
The
following two factors, among others, were taken into
account by the court in the exercise of its discretion :
1.
The unlikelihood of avoidance yielding a
financial benefit to the applicant ;
2.
Inaction and delay on the part of the
applicant.
The
court also examined section 31(1), and section 82(1) of
the Insolvency Act 24 of 1936
as well as section 340 of the Companies Act in its
decision.
Source
: LexisNexis |