PICTURE: THINKSTOCK
When a court awards costs against liquidators de bonis propriis out of their own pockets you know its a judgment worth reading: what had they done to earn such a serious rebuke? Most recently, liquidators OA Noordman and SM Rampoporo were on the receiving end. They had asked that Jopie de Bruin, former director of Elysium, the company they were winding up, should be held liable in his personal capacity for Elysiums debts because he had acted recklessly or with intent to defraud creditors.
Instead, the Free State high court refused that application with costs, making the two liquidators themselves personally liable for the costs of part of the action.
De Bruin, a farmer in the Koppies area of the Free State and a pa…
Read the full article at: http://www.rdm.co.za/lifestyle/2016/02/19/attempts-to-wring-a-lucrative-result-out-of-a-disaster