Due to popular demand, we are doing a follow up on The Legal Process of Liquidating a Company. In this second part, Ada Ama-Njoku and her special guest answer questions sent in by viewers, some of which include: From Nxoliswa Khosi in the East Rand: “Great show, Great topic. I really would love to understand more about Business-Rescue, the process and how it differs from liquidation.
From Joshua M. in Johannesburg: “I have a company which I want to liquidate but I am a bit skeptical that it may affect my ability to become a Director at another company. So I would like to know if I can still be a Director at another company if I liquidate my company and the effects of such liquidation.
From Mark S. in Pretoria:“Good evening and thank you for a wonderful show. My case is a bit complex and I do hope you can help me. I opened a company in partnership with some foreigners. We operated the company for 13 years and I had no idea that those foreigners were channeling the company funds to their home countries. On the 16th of July 2016, these foreigners all left the country. The creditors are all after me and want the company liquidated. We have assets in the form of buildings and cars (all paid up in cash). Is there a way that I can stop it? Is it possible to protect my assets as they are all I have, having invested all my savings into the business? Please note that I was a silent Director so was not active in the running of the business?
From Monica Wilson M.: “I am the Managing Director of a company that is going through liquidation at the moment. It is a voluntary liquidation but the shareholders omitted a CIPC stage (filing the resolution with CIPC and demonstrating that there are no debts owed). When I raised it, some document was produced which looked fraudulent to me. We have a creditor that says we owe them and this was not brought to the attention of the Master of the High Court or the Auditor. No security was provided. Is there a way I can report this anonymously as I have received threatening messages from the shareholders?
This and many more questions are answered in this episode. Still send in your questions, comments, and opinions in the comment box below. We would love to hear from you.