Section 347(5) Of The Companies Act, 1973 Prohibits A Court From Granting A Winding Up Order If Another Court Has Already Granted A Provisional Winding Up Order – Corporate and Company Law

In a recent judgment, the Supreme Court of Appeal (“SCA“) considered whether an appellate court can grant a final winding-up order in a proceeding against a company, where another court has already granted a provisional order against the same company. The appeal was brought by by Resilient Rock (Pty) Ltd (“Resilient“) against Voltex (Pty) Ltd…

Australia’s environmental not-for-profit Planet Ark goes into voluntary administration

Planet Ark Environmental Foundation, one of Australia’s largest environmental non-for-profits, has entered voluntary admission following a board review of the organisation’s “financial position and future viability”. What is voluntary administration? Have you also been pretending you know what voluntary administration actually means? Don’t worry. We asked an expert to explain in simple terms. The organisation’s…