BACKGROUND Mantis Investment Holdings Pty (Ltd) (the “Appellant”) was the sole shareholder of Bushman Sands Development (Pty) Ltd (“Bushman Sands”). Bushman Sands borrowed the sum of R19 357 645.00 (Nineteen Million, Three Hundred and Fifty-Seven Thousand, Six Hundred and Forty-Five Rand) from the Eastern Cape Development Corporation (the “First Respondent”). Before the First Respondent could
Summary Court a quo: In 2014 the Appellant obtained a judgment for costs against the Respondent. The Respondent failed to discharge this debt owed to the Appellant. Accordingly, the Appellant brought an application to wind up the Respondent on the basis that the Respondent was unable to pay its debts within the meaning of s
Summary In or during February 2013, Macroton CC (“the First Respondent”) concluded several agreements with Firstrand Bank Limited (“the Bank”), one of which was pertinent to the application before the Court; namely, a Short-Term Direct Working Capital Facility (“the overdraft facility”) wherein the Bank granted the First Respondent an overdraft to the sum of R900,000.00