In Dissolution of companies and bona vacantia assets in the March 2003 De Rebus, Allen West looks at the decision of Rainbow Diamonds (Edms) Bpk en Andere v Suid-Afrikaanse Nasionale Lewensassuransiemaatskappy 1984(3) SA 1 (A). He refers to three specific instances, which I will cover briefly.
- How to cancel a bond registered in favour of a liquidated company when the registered owner wishes to deal with the land? He contends that Rainbow Diamonds provides authority for the registrar to accept a consent for cancellation of a bond signed by the head of the National Treasury of the Republic of South Africa, provided the debt secured by the bond has been paid in full.
- How to deal with a personal servitude, pre-emptive right or other restrictive condition that is registered over land in favour of such a liquidated company when the servient tenement is transferred. Here s 68(1) of the Deeds Registries Act (the Act) calls for proof of the lapse of the condition; proof which can be supplied by documentary evidence from the registrar of companies that the company has been fully wound up in terms of s 419 of the Companies Act.
- How should immovable property still registered in the name of a liquidated company be dealt with if the company's affairs have been fully wound up in terms of s 419 of the Companies Act? Here the implications of s 16 and s 33 are looked at: very briefly, if a person is unable to procure the registration of immovable property in the usual manner, a court order must be applied for.