The High Court in Johannesburg dealt with an urgent application concerning a suspended bank account of a close corporation and an alleged expungement of a membership interest. The court held that the applicant lacked standing because the close corporation was in final liquidation and the authority to deal with its assets vested in the liquidator or, pending appointment, the Master. The application was dismissed with costs on an attorney and client scale.
This appears to concern standing and authority to deal with assets where a close corporation is in final liquidation.
Evidence from source
In this urgent application, the applicant seeks an order in Part A directing the first respondent, within 24 hours, to instruct the fifth respondent to lift the suspension of the bank account held by a closed corporation
Supports: Summary sentence about the urgent application and suspended bank account.
The CC is in final liquidation. Whatever interest the applicant retains does not authorise her to instruct, or to compel instruction, regarding dealings with the assets of a corporation.
Supports: Summary sentence about final liquidation and lack of standing to deal with assets.
The following order is made: 1. The application is dismissed with costs on an attorney and client scale.
Supports: Summary sentence about the dismissal and costs order.