Nedbank wins leave to appeal liquidation fraud ruling

The judgment is related to the auctioning of 137 properties for the nominal value of R750 per stand, to the prejudice of creditors of the development company, says a report in Business Report. However, a similar application by liquidators Arno Cronje and Enver Motala was rejected because they had filed late. The judge said the latter application had found its way to his chambers outside the time frame specified in the rules of the High Court. In regard to Nedbank's application, the judge said he did not intend to sit in review of his own judgment, but the points raised by Nedbank in regard to the judgment were arguable and of importance, not only to the parties concerned but also to general jurisprudence. Such points included the reopening of an account already approved by the Master of the High Court and the awarding of costs against trustees. Full report in Business Report