Which Liquidator was appointed by the court, who was the Advocate and law firm making the application and is there a copy of the judgement available ?
The High Court does not appoint liquidators; only the office of the Master of the High Court appoints liquidators. So this provisional liquidation order against MTI Trading that was granted today by the High Court will be emailed by the Registrar of the High Court to the office of the Master of the High Court in Cape Town to appoint
JOINT provisional liquidators
.
At present the Master has already opened the MTI Trading liquidation file at the Master’s office and is just waiting for nomination forms from MTI creditors to vote in their provisional liquidators of choice. The office of the Master never closes for the December holidays.
Upon receipt of this provisional liquidation order from the High Court, the Assistant Master will then appoint FOUR or FIVE PROVISIONAL liquidators from different companies to the MTI Trading liquidation matter to act jointly at all times.
Provisional and final liquidators are appointed by the Master based on number, value and Master’s discretion.
If a large number of MTI creditors with low value claims submit nomination forms nominating one liquidator to the Master, then that liquidator will be appointed based on the NUMBER of creditors that supported the appointment.
If a small number of creditors with HIGH value claims submit nomination forms to the Master, then that liquidator will be co-appointed based on VALUE of claims supporting his/her appointment.
The Master will then use his discretion and chose additional suitable person/s that he will appoint to act jointly with the first two provisional liquidators as chosen by MTI Trading creditors by issuing a certificate of appointment that will be valid throughout the country.
PROVISIONAL Liquidators are nominated / appointed by means of nomination forms as submitted by creditors.
But
FINAL liquidators are nominated at the first meeting of creditors by means of claim forms and appointed by the Master shortly thereafter.