In a significant judgment of Muller N.O. and Another v Cultigrain (Pty) Ltd [2025], delivered by the Western Cape High Court on 17 March 2025, the legal consequences of asset dispositions made after the commencement of winding-up proceedings came under scrutiny.
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In this particular case, Wheatcor, the company in liquidation, made certain payments to the respondent, being Cultigrain, after the commencement of its winding up but before the provisional liquidation order was granted.
The court had to determine whether these payments were void or valid under section 341(2) of the Companies Act 61 of 1973 (Old Companies Act), which regulate dispositions of company property made after the commencement…
