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Liquidators ordered to pay legal costs as court reverses Bosasa liquidation

The court found that the meeting at which the decision to liquidate was taken was not properly constituted as required in law.

A general view of the African Global Group offices in Krugersdorp. Picture: Kgomotso Modise/EWN.

PRETORIA - The High Court has ordered the liquidators of the company formerly known as Bosasa to personally pay the legal costs of the application to have the liquidation reversed.

A judge in Johannesburg on Thursday ordered the liquidators to return control of Global African Holdings to its board of directors.

The court found that the meeting at which the decision to liquidate was taken was not properly constituted as required in law.

Judge Joolan Ameer questioned why liquidators Cloete Murray and Ralph Lutchman mounted what he described as a vociferous and technical opposition to Bosasa’s application.

The judge recognised that the company owns a very substantial asset and financial base, which would provide for a lucrative appointment.

Ameer did not accept that the liquidators were independent parties in the matter and were in fact conflicted.

He says that not opposing the application would benefit certain creditors while opposing it and keeping Bosasa in liquidation could result in earning a significant fee.

The judge says that opposing the application was, therefore, a business decision, which carries a risk, which is why he slapped them with a costs order.