Co-operatives Act, 2005 (Act No. 14 of 2005)

Regulations

Co-operatives Administrative Regulations, 2016

Chapter 2 : Winding Up and Judicial Management of Co-operatives

Part A : Winding-Up of Co-operatives

Voidable dispositions

98. Admission and proving of claims against co-operative being wound up

Purchase

(1)

Any person who has a claim against a co-operative being wound up, excluding a claim against a members' fund, must within 90 days after the date of publication of the notice referred to in regulation 16 lodge with the liquidator a sworn or solemn statement specifying the amount of the claim and the prescribed particulars relating to the claim together with the supporting documents (if any): Provided that if a member for any reason whatsoever does not want his or her claim against a members' fund to proceed he or she must inform the liquidator in writing thereof.

(2)	The liquidator may admit or refuse to admit the co-operative's liability for the amount of a claim referred to in sub regulation (1) or may admit the co-operative's liability for any portion of such an amount.

(3)

Any person aggrieved by a decision taken by a liquidator under sub regulation (2) in connection with his or her claim may within 30 days after he or she was notified of such decision appeal to the registrar against such decision, and the registrar may after consideration of the grounds of the appeal and the liquidator's reasons for his or her decision confirm the decision, or set the decision aside and order the liquidator to admit the claim or the admit it to the extent determined by the registrar.

(4)

(a)

Any person referred to in sub regulation (1) who has failed to lodge his or her claim with the liquidator within the period mentioned in that sub regulation, may thereafter with the consent of the registrar lodge his or her claim with the liquidator within a period of 30 days after the termination of the said period.

(b)	The provisions of sub regulations (2) and (3) will mutatis mutandis apply in respect of a claim referred to in paragraph (a).

(5)

The provisions of this section will not prevent a creditor from proving a claim against a co-operative in any court, but no person must institute an action to prove a claim against a co-operative being wound up or proceed with any such action which has been suspended in terms of regulation 73, unless he or she has lodged his or her claim with the liquidator within the period mentioned in sub regulation (1), or, with the consent of the registrar, within the further period mentioned in sub regulation (4), or has otherwise given notice to the liquidator in writing of the action or intended action within a period of 120 days after the date of publication of the notice referred to in regulation 80.