A company that offered to pay the shortfall on a vehicle financed by Capitec Bank, but had a director put R100,000 into its attorney’s trust account rather than pay the bank, has been placed under final winding-up.
The Gauteng High Court in Johannesburg found that Virtual Holdings had neither paid Capitec’s claim nor made an unconditional offer to do so. It therefore confirmed a provisional winding-up order granted against the company in July.
The dispute arose from an instalment sale agreement under which Capitec advanced money to Virtual Holdings to finance the purchase of a motor vehicle. The agreement required the company to repay the principal debt and interest over 60 months, in monthly instalments of R8,931.68.
Ownership of the…