Insolvency

Newly elected City of Tshwane mayor Murunwa Makwarela has been disqualified as a PR councillor due to insolvency.

To Subscribe to Sunday World, [click here.](https://subs.arena.africa/#!/offer/411?utm_source=promo411&utm_medium=Circ) It is still not clear who, with the coalition, voted for Makwarela. The vacancy must be filled within 14 days after 21 days period.” The results indicated that some of the councillors in the coalition, which holds a majority in the city, defied an instruction to vote for Brink in an attempt to keep the DA in power. “In terms of the said act, a party may supplement, change, or increase its list at any time, provided that if a councillor elected according to party list ceases to hold office. “Item 18 of part three of schedule one of the Local Government Structures Act [act 117 of 1998] stipulates that if a councillor elected from a party list ceases to hold office, the chief electoral officer of the IEC must declare in writing the person whose name is at the top of the applicable party list to be elected in the vacancy.

Piramal had filed its application in January 2022, while the developer had defaulted on its dues in March 2019. The company originally owed the funds to ...

It had asked the company to pay this amount within 7 days from the date of notice. Finally, the lender issued a notice in April 2020 informing the developer that it had failed to pay two instalments aggregating to over ₹113.2 crore and recalled the entire loan amount of ₹615.12 crore. The loan was sanctioned by mortgage lender DHFL, acquired by [Piramal](/topic/piramal)in an insolvency. The company originally owed the funds to The first such annual interest servicing was due on March 31, 2018. [Baring PE Asia Looks to Pick up Stake in Shriram Housing Finance](/epaper/delhicapital/2023/mar/08/et-front/baring-pe-asia-looks-to-pick-up-stake-in-shriram-housing-finance/articleshow/98485910.cms)

Insolvency specialist Jirsch Sutherland said that following the decision in KCC v Richard Crookes Construction Pty Ltd [2023] NSWSC 99, construction companies ...

Richard Crookes asserted that the DOCA is characterized as a means of circumventing the operation of the SOP Act. In doing so, they reached a reasonable conclusion on a matter that they were properly entitled to consider, which is sufficient to make the purpose of the DOCA a proper one. Richard Crookes argued that the holding DOCA was entered into for an improper purpose. Richard Crookes's rights to seek to recover the amount paid is preserved by the mechanism, which requires the amount paid to be held in trust until the final resolution of any claim. Richard Crookes is a construction company conducting large-scale projects in NSW, Queensland and the ACT. Insolvency specialist Jirsch Sutherland said that following the decision in KCC v Richard Crookes Construction Pty Ltd [2023] NSWSC 99, construction companies facing cashflow difficulties will now have a far greater chance of pursuing their debtors.

COPE councillor Dr Murunwa Makwarela has been disqualified as Proportional Representative Councillor, leaving Tshwane without a mayor.

Makwarela was declared insolvent in 2016. According to the Constitution, a person who is declared insolvent cannot be a member of council. The disqualification is in terms of Section 158 of the Constitution.

Blockchain-based trade finance network Marco Polo has reportedly entered insolvency with total debt standing at €5.2 million ($5.5m).

Its rulebook and other legal documents were later acquired by [Contour](https://www.fintechfutures.com/2022/09/blockchain-trade-finance-platform-contour-snaps-up-we-trade-assets/), another blockchain-based trade finance platform. [TradeIX](https://www.fintechfutures.com/2017/06/tradeix-unveils-blockchain-platform-for-trade-finance/) before its rebrand in 2021. [We.trade entered insolvency](https://www.fintechfutures.com/2022/06/blockchain-based-trade-finance-platform-we-trade-shuts-shop/) in the middle of last year. The Irish High Court has reportedly appointed joint provisional liquidators, declaring the firm insolvent and unable to pay its debts. It has more than 30 banks as members and backers, including [Commerzbank](https://www.fintechfutures.com/2022/06/why-trade-finance-should-embrace-blockchain-to-realise-its-digital-ambitions/), BNY Mellon, ING Ventures, BNP Paribas, and [Mastercard](https://www.fintechfutures.com/2020/01/the-future-of-trade-finance/). [blockchain-based trade finance network Marco Polo](https://www.fintechfutures.com/2021/06/commerzbank-confirms-first-commercial-transactions-on-marco-polo-network/) has reportedly entered insolvency.

One Hundred and Eighty insolvency practitioners have been inducted into the profession by the Ghana National Association of Insolvency Advisors GARIA and ...

The event was organized by the Ghana Association of Restructuring and Insolvency Advisors (GARIA) and was attended by the Deputy Attorney General and Minister for Justice, Alfred Tuah-Yeboah, the Registrar of Companies, Mrs Jemima Oware, the Board Chairman of GARIA, Prof. She stated, “As insolvency practitioners to be licensed and individually scrutinized and passed as fit and proper to be sworn in, your character matters. One Hundred and Eighty insolvency practitioners have been inducted into the profession by the Ghana National Association of Insolvency Advisors (GARIA) and Registrar General’s Department under the auspices of the Attorney General.

However, Makwarela said he won't back down but he would immediately approach the Gauteng High Court, Pretoria to interdict the announcement of his sudden ...

It is important to note that Makwarela would have been required to complete an IEC Annexure 4 return prior to his election as a councillor,” the party said. This provision exists for good reason: how can we entrust the governance of a city or any other corporate entity to a person who has no control of his own financial affairs?,” the party said. Municipal spokesperson Selby Bokaba said: “The disqualification is in terms of Section 158 (1) (c) of the Constitution of the Republic of South Africa, 1996, also read with Section 47(1) (c) of the Constitution. The form, according to the DA, includes a declaration that the candidate was “not disqualified for standing for elections in terms of the Constitution or any applicable legislation”. Furthermore, this disqualification is also in terms of Schedule 1 Section 19 (c) (d) of the Municipal Structures Act (Act 117 of 1998). Pretoria - The City of Tshwane is yet again leaderless after the newly-elected mayor Dr Murunwa Makwarela was disqualified as a councillor following news that he was declared insolvent by a court of law in 2016.

COPE member Murunwa Makwarela was found to be ineligible to hold the City of Tshwane's mayoral position due to an insolvency declaration case back in 2016.

“Not even a week in the office. [The Citizen](https://www.citizen.co.za/news/south-africa/politics/tshwane-mayor-murunwa-makwarela-disqualified-insolvent-march-2023/), Tshwane’s city manager Johann Mettler wrote to the [Gauteng](https://briefly.co.za/tags/gauteng/) office of the Independent Electoral Commission (IEC) to inform them of the vacancy in the mayoral office. “This country and its politics, hayi so every week there’s going to be a new mayor in Tshwane and the City of Jhb?” - COPE member Murunwa Makwarela was found to be ineligible to hold the mayoral position in the City of Tshwane TSHWANE - The City of Tshwane is without a mayor again after COPE member Murunwa Makwarela was disqualified from holding office. [TimesLIVE](https://www.timeslive.co.za/politics/2023-03-07-newly-elected-tshwane-mayor-now-ejected-from-office-over-insolvency/), the recently unemployed mayor believes the [Democratic Alliance](https://briefly.co.za/tags/democratic-alliance/) (DA) and the Freedom Front (FF) parties are using the old case to "teach him a lesson" for switching coalitions.

The Congress of the People's Murenwa Makwarela insists he is still the mayor of Tshwane, despite a move by the city manager to disqualify him as a PR ...

The Congress of the People’s Murenwa Makwarela insists he is still the m... The City of Tshwane is once again without a mayor after Cope's Murunwa M... [‘I am still mayor of Tshwane', insists 'disqualified' Makwarela](https://www.jacarandafm.com/news/news/i-am-still-mayor-of-tshwane-insists-disqualified-makwarela-/)

Just days after being elected Tshwane mayor, COPE member Murunwa Makwarela has been "disqualified" from serving as a city councillor, making him now ...

This is just the city manager meddling. “I'm one of the top earners in the municipality. This was classified information — how it came into the public remains a mystery,” said the embattled former mayor.

Dr Murunwa Makwarela from COPE has been elected as new Executive Mayor of City of Tshwane. Former Tshwane Mayor Murunwa Makwarela is adamant that he had ...

The declaration was there in front of their eyes and I was not disqualified.” There are declaration documents from the party and also council, so I have declared that at some point I was declared insolvent. “I had no reason to doubt the curator just because he was the one who was in charge of the process and I was the subject matter.

The National Company Law Tribunal has admitted an insolvency petition filed against Future Enterprises Ltd and also ordered the commencement of insolvency ...

The bankruptcy court said no valid defence has been put forth by Future Enterprises to bolster its case and dismiss the petition. The Future Group, with over $4-billion of debt, had attempted a $3.4-billion rescue deal with Reliance Industries, under which the Mukesh-Ambani controlled conglomerate was to have acquired core parts of the retail group founded by Kishore Biyani. The company has been regularly failing to repay dues on maturing debt.

COPE has expressed shock and disappointment at the “unfortunate developments” regarding Tshwane mayor Murunwa Makwarela.

“Perhaps they want to teach me a lesson for switching alliances, because they knew about this old case when I was still in their multiparty coalition and it was never an issue. He has vowed to fight the insolvency claims. They elected me as speaker of council and it was never a problem.

The NCLT appointed a resolution professional to manage the affairs of the company till it is sold to a successful bidder.

[Reliance](/topic/reliance)Industries to sell its retail and wholesale business in a slump sale. The company had earlier sold 25% stake in Future Generali India Insurance company for ₹1,266 crore to its joint venture partner Generali SPA. Lenders of FEL refrained from referring the company for corporate insolvency process in the hope that Biyani would sell part of his stake in the insurance business by the end of this month and distribute the sale proceeds among lenders. Lenders had planned to refer the company for CIRP (corporate insolvency resolution process) soon after the company sold its stake in the non-life insurance business. The division bench comprising Madhu Sinha and HV Subba Rao directed the operational creditor Foresight Innovations to deposit ₹5 crore toward initial corporate insolvency and resolution process (CIRP) costs. The company has admitted claims of ₹19,185 crore from financial creditors.

The Mumbai bench of the NCLT has ordered the 'ordered the commencement of corporate insolvency resolution process'. The firm will now be auctioned in order ...

Bench admits petition by Foresight Innovation, which puts the default anount at Rs 1.58 crore; Operational creditor Retail Detailz India's petition claims ...

In view of the above facts and circumstances, this Bench has no option except to admit the above Company Petition.” [Future Enterprises](/topic/future-enterprises) also said in its filing that the management of the affairs of the corporate debtor vests in the IRP and the powers of the board of directors stand suspended and are to be exercised by the IRP. However, the Corporate Debtor has raised its hands.

COPE has expressed shock and disappointment at the “unfortunate developments” regarding Tshwane mayor Murunwa Makwarela.

“As the national leadership we were not aware of this serious violation of the law. COPE spokesperson Dennis Bloem said the party was caught by surprise when confronted by media with the news of Makwarela's disqualification. Congress of the People (COPE) has expressed shock and disappointment at the “unfortunate developments” regarding Tshwane mayor Murunwa Makwarela.