Bona vacantia assets of companies

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.
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