Contingency Fees Act, 1997
R 385.00
Close Corporations Act, 1984 (Act No. 69 of 1984)Part IX : Winding up81. Duties of liquidator regarding liability of members to creditors or corporation |
| (1) | The liquidator of a corporation unable to pay its debts shall ascertain whether, on the facts reasonably available to him, there is reason to believe that any member or former member of the corporation, or any other person, has by virtue of any provision of Part VIII of this Act incurred any liability to a creditor of the corporation or to the corporation itself. as the case may be. |
| (2) | If the liquidator finds that there is such reason in respect of any creditor who has proved a claim, he shall in writing inform such creditor accordingly, and if the creditor recovers the amount of his claim or part thereof from such member or former member, or from such other person, the liquidator shall take such recovery into account in determining the dividend payable to that creditor. |
| (3) | In particular the liquidator shall determine whether an application to the Court in terms of section 64(1) is justified and advisable. |
