How can a liquidator set aside an attachment order during a liquidation? Please excuse the lack of specificity on this question; it's an issue I need to understand for a commercial transactions exam, but the lecturer is refusing to explain himself. I understand this site is not directed specifically at South African law, but I'm looking for someone who can shed a little light on this with respect to the Insolvency Act and the Companies Act.
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1 Answer
So I think perhaps the lecturer is referring to section 359(1)(b) of the Companies Act of 1973. It states:
"359. Legal proceedings suspended and attachments void. (1) When the Court has made an order for the winding-up of a company or a special resolution for the voluntary winding-up of a company has been registered in terms of section 200- (a) all civil proceedings by or against the company concerned shall be suspended until the appointment of a liquidator; and (b) any attachment or execution put in force against the estate or assets of the company after the commencement of the winding-up shall be void. [Sub-s. (1) amended by s. 24 of Act 83 of 1981.] "
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Thank you for your reply! In the final analysis, from the context in which this exam is taking place and the nature of the lecturer, it would seem as though the question on this topic will be much more manageable than the scope suggests. But thank you for bringing that section to my attention– RuthNov 16, 2016 at 19:00