Could the law society, the liquidators and the Master have all missed the important issue? Creditors are the people that the whole institution of insolvency is all about: the South African insolvency system is typified as a “creditor driven” insolvency system. It is the creditors who appoint the final liquidators.The creditors are also members of the company who are vitally interested in the proceeds of the liquidation – or, should one say, the bare bones that are left once the predators have had their fill.
Clearly nothing much has changed at the Cape Law Society in 15 years.
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