Advise with reference to relevant and applicable case

Assignment Help Business Law and Ethics

Reference no: EM133579021

Question: X, a successful businesswoman, loaned R900 000 to the company XYZ for purposes of funding the development of XYZ's property development scheme. X had concluded a loan agreement with directors of XYZ, namely Y and Z, in terms of which it was agreed that the R900 000 loaned would be repaid over a period of 12 months from proceeds received from the sale of property. However, at the end of the 12-month period very little if any property had been sold by XYZ. Worried about her investment and being of opinion that XYZ will not be able to pay its debts as and when due, X files and serves a liquidation application upon XYZ. XYZ, within the hour of receiving the liquidation application passes a resolution to commence business rescue proceedings and allege that as a result of this, and a temporary moratorium in respect of legal claims against the company, her application for liquidation would be rendered null and void.

Advise X, with reference to relevant and applicable case law, whether her liquidation application can proceed or whether same is suspended pending XYZ's business rescue.

Reference no: EM133579021

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