Two companies have been liquidated for failing to pay the now defunct VBS Mutual Bank almost R13 million.
ANOOSHKUMAR Rooplal, the liquidator of VBS Mutual Bank, scored another major victory against companies that had banking facilities and received millions of rands from the now defunct financial institution.
Rooplal brought the matter before the Limpopo High Court in Thohoyandou, seeking the liquidation of Rezevation 4-2 Communication and Scorpion Business Solutions, which owed VBS nearly R13 million.
Rezevation 4-2 Communication and Scorpion Business Solutions had classic business accounts with VBS and received overdraft limits of R3 million and R2m, respectively.
In June 2019, the companies, who have the same director, had their accounts overdrawn by R6.2m and more than R6.4m, respectively, following VBS being placed under liquidation in November 2018.
Rezevation 4-2 Communication and Scorpion Business Solutions had last each made payments of R2 000.
Rooplal sent letters of demand in terms of the Companies Act, but a period of 21 days has lapsed with the companies failing to pay or to secure or compound for the debts due to VBS.
Rezevation 4-2 Communication and Scorpion Business Solutions both denied liability to VBS on the basis that the transactions were made by one of the bank’s official without the knowledge and consent of the two companies, which also claimed they did not benefit from the transactions.
However, the companies’ director had internet banking access on the Rezevation 4-2 Communication bank account and its bank statements reflect electronic fund transfers spanning over the period of December 2016 and October 2017. These transactions are not disputed.
Scorpion Business Solutions’ bank statement reflected that during November 2016 and December 2016, payments were made to a law firm towards purchase of an immovable property, which is registered in the companies’ name.
The director admitted to signing the transfer documents and claimed that it was at the behest of the VBS official.
Acting Judge Itumeleng Khosa of the Limpopo High Court in Thohoyandou accepted Rooplal’s bid to wind-up the two companies last Friday.
”Rezevation 4-2 Communication is placed under final winding-up in the hands of the master of the High Court of South Africa. Scorpion Business Solutions is placed under final winding-up in the hands of the master of the High Court of South Africa,” reads the judgment.
Acting Judge Khosa declared that the liquidator’s costs will be costs in the liquidation of Rezevation 4-2 Communication and Scorpion Business Solutions.
”I am satisfied that the applicant (Rooplal) has succeeded in making out a case for the winding-up of the respondents (Rezevation 4-2 Communication CC and Scorpion Business Solutions) on the basis that the respondents are unable to pay their debts.
Consequently, I need not consider the issue of whether it just and equitable for the respondents be wound up,” Acting Judge Khosa explained.
loyiso.sidimba@inl.co.za