Liquidators given the boot after 11 years of 'reckless neglect'


Liquidators given the boot after 11 years of 'reckless neglect'

Once-celebrated Lenasia businesswoman Dolly Naidoo rises from the ashes to face off with lenders, recklessly languid liquidators – and the mighty Asset Forfeiture Unit.

Eleven years after the company that owns the Sheffield Plaza shopping centre in Lenasia, south of Johannesburg, was put into liquidation, the liquidators had still not filed a report of their administration with the Master of the High Court. They also failed to file a liquidation and distribution account, which by regulation they should have done within six months of their
appointment.

In all that time the two liquidators of the company, Yamani Properties 1015 (Pty) Ltd, missed numerous deadlines to file the account – and the Master’s office had not inquired as to why, nor reprimanded them for their non-compliance.

Like to see more ?


Subscribe to our on-line edition !

For a mere R305.00 per year you get the convenience of our online version including:
  • Twelve monthly issues of Noseweek delivered to your browser
  • A searchable archive
  • Access to every back issue since 1993 !
  • A downloadable PDF version

If it’s just the article you are after, you can purchase it by clicking here.

Tempted ?


For a taste of what awaits you, you are welcome to browse this free issue.

Share this article:

Reader's comments

Like to add your own comment ? Please click here to subscribe - OR -
 
Submitted by : Johan Le Roux of WHITE RIVER on 2019-11-26 09:49:42
IN THE INTEREST OF JUSTICE & IN THE INTEREST OF PUBLIC POLICY:

IN THE INTEREST OF JUSTICE & IN THE INTEREST OF PUBLIC POLICY:

It is high time that the new Minister of DOJ & CD agrees to a proper independent investigation into what is aleady common knowledge to ordinary citizens: it is a well known fact to all involved as well as his own Justice Department and the Chief Masters Office, regarding the billions of rand of organized crime / racketeering through the "captured" justice system, resulting in the disposesson of innocent victims by means of engineered or sham insolvency proceedings, followed by sham or purported "PUBLIC AUCTIONS" perpetrated by unscrupulous & corrupt lawyers and liquidators, with the complicity of the Master's Office in Pretoria as well officials in the Minister's own Department of Justice.

The above goes hand in hand and is just as applicable to those unscrupulous members of the "Sheriff's Profession" who run the sham auctions or rig sales in execution in collusion with unscrupulous lawyers. They can all rely on the protection (or ignorance) of officials in the Minister's own Department of Justice to escape detection and prosecution..

Disclaimer

While every reasonable effort is taken to ensure the accuracy and soundness of the contents of this publication, neither the authors nor the publishers of this website bear any responsibility for the consequences of any actions based on the information contained therein.