Special Investigating Units and Special Tribunals Act, 1996
R 385
Companies Act, 1973 (Act No. 61 of 1973)Chapter XIV: Winding-up of CompaniesGeneral342. Application of assets and costs of winding-up |
| 1) | In every winding-up of a company the assets shall be applied in payment of the costs, charges and expenses incurred in the winding-up and, subject to the provisions of section 435(1)(b), the claims of creditors as nearly as possible as they would be applied in payment of the costs of sequestration and the claims of creditors under the law relating to insolvency and, unless the memorandum or articles otherwise provide, shall be distributed among the members according to their rights and interests in the company. |
| 2) | The provisions of the law relating to insolvency in respect of contributions by creditors towards any costs shall apply to every winding-up of a company. |
