General and Further Education and Training Quality Assurance Act
R 385
Securities Services Act, 2004 (Act No. 36 of 2004)Chapter IX : General ProvisionsWinding-up, judicial management and curatorship107. Winding-up or sequestration by court |
| (1) | An order for the winding-up or sequestration of the estate of a regulated person may be granted by the court on the application of— |
| (a) | the regulated person; |
| (b) | one or more of the regulated person's creditors; |
| (c) | if the regulated person is an exchange or a central securities depository, one or more authorised users or participants, as the case may be; |
| (d) | jointly, any of or all the parties mentioned in paragraphs (a), (b) and (c); |
| (e) | the provisional judicial manager or final judicial manager of the regulated person; |
| (f) | the provisional curator or curator of a regulated person; or |
| (g) | the registrar. |
| (2) | A regulated person which is a company or other corporate body may be wound-up by the court, subject to section 110, according to the Companies Act, and the estate of a regulated person who is a natural person or partnership may be sequestrated according to the Insolvency Act, 1936 (Act No. 24 of 1936). |
| (3) | For the purposes of subsection (2)— |
| (a) | section 346(3) of the Companies Act must be construed as if after the words "except an application by" there were inserted the words "the Registrar of Securities Services or"; |
| (b) | section 346(4)(a) of the Companies Act must be construed as if after the words "lodged with the Master" there were inserted the words "and the Registrar of Securities Services"; |
| (c) | section 346(4)(b) of the Companies Act must be construed as if after the word "Master" there were inserted the words "or the Registrar of Securities Services"; and |
| (d) | section 357 of the Companies Act must be construed as if the registrar were included among the persons to whom notice is required to be given under subsection (1)(6) of that section. |
| (4) | An order for the winding-up or sequestration of a regulated person may not be made unless the court is satisfied that— |
| (a) | if the regulated person is a company or other corporate body, it is not desirable that the regulated person be placed under judicial management in terms of the Companies Act, or curatorship in terms of the Financial Institutions (Protection of Funds) Act; |
| (b) | if the regulated person is not a company, it is not desirable that the regulated person be placed under curatorship in terms of the Financial Institutions (Protection of Funds) Act. |
