Ken Investments Close Corporation v Rouwans Investments CC (A 297/2015) [2016] NAHCMD 51 (3 March 2016). Summary: Applications and motions Urgency Application brought ex parte and on – – urgent basis Court held that it is trite that good faith is sine qua non in ex parte – applications Applicant owes a duty of utmost good faith to the court to make full and – proper disclosure to the court Failure to disclose all relevant facts to the court should – lead to dismissal of application In instant case applicant had failed to disclose certain – relevant facts to the court when it brought the urgent ex parte application Applicant did – not disclose to the court the fact that it was the applicant, in terms of the Project Finance Agreement entered into between applicant and the first respondent, who was responsible for managing the finances in respect of the project awarded to the first respondent, particularly the fact that in that behalf, applicant did have control over first bank account Applicant, furthermore, did not disclose to the court the respondent’s – fact that applicant, in breach of the agreement, made transfers of substantial sum of money to third parties, including family members Court found that in the applicant’s – result applicant acted in material breach of his bounden duty to act in utmost good faith in the urgent ex parte application proceeding Court concluded therefore that the – applicant has failed to make out a case for the confirmation of the rule nisi – Consequently the rule nisi was discharged and the application dismissed with costs. Laicatti Trading Capital Inc v Greencoal (Namibia) (Pty) Ltd (Registration Number: 2010/0314) (A 273/2014) [2016] NAHCMD 31 (22 February 2016). Summary: Company Winding up Application for Grounds On the basis of the – – – – and provision Ambit of ground Company, in instant case, in ‘just equitable’ – – substance a partnership Circumstances justifying dissolution of partnership also – justifying winding up of company Court satisfied applicant has established specific – grounds sufficient for the granting of a provisional winding up order On the papers it is – sufficiently established that the relationship of mutual trust and confidence and friendly cooperation between the equal shareholders in company has broken down irretrievably Furthermore, there has been breach of good faith parties owed to each other Court – – accordingly held that first applicant has made out a case for provisional winding up order Companies Act 28 of 2004. –
Ken Investments Close Corporation v Rouwans Investments CC (A 297/2015) [2016] NAHCMD 51 (3 March 2016). Summary: Applications and motions – Urgency – Application brought ex parte and on urgent basis – Court held that it is trite that good faith is sine qua non in ex parte applications – Applicant owes a duty of utmost good faith to the court to make full and proper disclosure to the court – Failure to disclose all relevant facts to the court should lead to dismissal of application – In instant case applicant had failed to disclose certain relevant facts to the court when it brought the urgent ex parte application – Applicant did not disclose to the court the fact that it was the applicant, in terms of the Project Finance Agreement entered into between applicant and the first respondent, who was responsible for managing the finances in respect of the project awarded to the first respondent, particularly the fact that in that behalf, applicant did have control over first respondent’s bank account – Applicant, furthermore, did not disclose to the court the fact that applicant, in breach of the agreement, made transfers of substantial sum of money to third parties, including applicant’s family members – Court found that in the result applicant acted in material breach of his bounden duty to act in utmost good faith in the urgent ex parte application proceeding – Court concluded therefore that the applicant has failed to make out a case for the confirmation of the rule nisi – Consequently the rule nisi was discharged and the application dismissed with costs. Laicatti Trading Capital Inc v Greencoal (Namibia) (Pty) Ltd (Registration Number: 2010/0314) (A 273/2014) [2016] NAHCMD 31 (22 February 2016). Summary: Company – Winding up – Application for – Grounds – On the basis of the ‘just and equitable’ provision – Ambit of ground – Company, in instant case, in substance a partnership – Circumstances justifying dissolution of partnership also justifying winding up of company – Court satisfied applicant has established specific grounds sufficient for the granting of a provisional winding up order – On the papers it is sufficiently established that the relationship of mutual trust and confidence and friendly cooperation between the equal shareholders in company has broken down irretrievably – Furthermore, there has been breach of good faith parties owed to each other – Court accordingly held that first applicant has made out a case for provisional winding up order – Companies Act 28 of 2004.