FSCA refutes claim of Banxso licence reinstatement amid ongoing investigation
The liquidation application against Banxso claims that the number of clients deceived by the deepfake adverts is far greater than previously reported.
Liquidation
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NCA Credit providers’ FICA obligations
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Looking back at this year’s FPI Professional’s Convention
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MTI liquidation: a global effort to recover crypto funds from a Ponzi scheme
Leveraging the Model Law on Cross-Border Insolvency, the liquidators co-ordinated with courts in the US, UK, and Australia, setting a precedent for future international crypto claims.
BHI Trust fallout: beneficiaries reluctant to return millions amid sequestration scrutiny
Investors’ money was allegedly funnelled through offshore trust accounts and ‘cleaned’ via extensive gambling activities by ‘close and related-party enablers’.
Grim outlook for Classic’s creditors – shortfall exceeds R70 million
The second creditors’ meeting will be held on 3 September.
BHI Trust ‘was run as illegal scheme from inception’
As creditors await repayment totalling nearly R2bn, preliminary investigations by the joint trustees point to potential asset recoveries totalling just over R414 million.
It’s ‘business as usual’ for debarred director of Classic Financial Services
A provisional sequestration order for the estate of Classic Financial Services director Jacobus Geldenhuis has been granted.
FSCA asks BHI Trust investors to come forward with information on FSPs
Numerous individuals have been subpoenaed to appear before the Master of the High Court, to be questioned about the affairs of the sequestrated trust.
Considerations when deciding whether to keep a company dormant or close it
An entity can formalise its dormancy by way of a liquidation process or by deregistering with the Companies and Intellectual Property Commission.
What businesses should know about the legal debt collection process
When faced with a bad debtor, establish whether the contractual relationship is a specific contract and/or a standard terms and conditions contract.
Inquiries into insolvent Classic Financial Services unearth assets
The administration process of the insolvent estate of Classic Financial Services has yielded ‘numerous assets’, providing a glimmer of hope for creditors.
Health Squared’s liquidators call for submission of claims
The claim form, together with supporting documentation, must be delivered to the liquidators’ office in Pretoria.
Director’s passport blocked amid efforts to recover Classic’s assets
Claim documents have been sent to creditors as the provisional liquidators take steps to recover assets and secure funds held in the name of Classic Financial Services One.
PA and Sarb apply for the final liquidation of Habib Overseas Bank
The curator finds there are no reasonable prospects that the bank can be rehabilitated as a going concern.
Easier winding-up process for retirement funds that decide to go into liquidation
FSCA implements notice exempting funds from certain qualifying criteria in Board Notice 75.
Proposal to make it easier and cheaper to wind up retirement funds that decide to go into liquidation
The exemption does away with the R50 000 average-benefit-per-member threshold and caps the membership threshold at 100.
Supreme Court of Appeal rejects bid to overturn insurers’ liquidation
Did section 54(5) of the Insurance Act and the provisional curatorship orders preclude the final liquidation orders?
Bid to challenge the liquidation of transport provident fund fails
Whistleblower asserts that members’ money was stolen, although a forensic investigation found no evidence of this.
