Final Verdict: Court Green-Lights AGH Liquidation, Paves Way for Speedy Payback to Creditors

  • The Constitutional Court of South Africa has dismissed an appeal by African Global Holding (AGH), upholding a Supreme Court of Appeal verdict that allows for the company’s liquidation.
  • The Supreme Court of Appeal had previously overturned a High Court decision that nullified the auction of AGH’s assets and denied AGH’s application for business rescue.
  • With the Constitutional Court’s dismissal, the liquidation process can proceed swiftly, benefiting all creditors, including the South African Revenue Service (SARS).

TSHWANE – A recent decision by South Africa’s highest court has paved the way for the swift liquidation of African Global Holding (Pty) Ltd (AGH). On May 17, the Constitutional Court dismissed an application by AGH to appeal a Supreme Court of Appeal verdict, a move warmly welcomed by the South African Revenue Service (SARS).

The Commissioner of SARS, Mr. Edward Kieswetter, expressed his approval of the Constitutional Court’s decision. The ruling, he said, would allow the liquidation process of the beleaguered company to proceed unhindered, ultimately benefiting all creditors, including SARS.

This decision is the latest development in a complex legal tangle that began with a High Court decision that nullified the auction of AGH’s assets. The ruling had been challenged by liquidators and asset purchasers who later successfully appealed to the Supreme Court of Appeal.

A cross-appeal was also filed, contesting the decision not to put AGH into business rescue. This too was included in the legal considerations of the Supreme Court of Appeal.

The Supreme Court of Appeal upheld the liquidators’ and asset purchasers’ appeal, dismissing the High Court’s initial decision to set aside the asset auction. Furthermore, the Court agreed with the ruling to deny the application for business rescue.

AGH sought to take the case to the Constitutional Court, hoping to overturn the Supreme Court of Appeal’s decision. However, the Constitutional Court rejected the application on the grounds that the issues presented did not fall within its jurisdiction.

The recent Constitutional Court ruling marks the end of the line for AGH’s legal battles. It solidifies the Supreme Court of Appeal’s verdict, enabling the liquidation process to proceed without further obstacles. This will ensure that AGH’s creditors, including SARS, can recover their dues in a timely manner.

With the legal fog now cleared, the stage is set for a rapid liquidation of AGH, marking the final chapter in the company’s tumultuous journey.

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