Judgment: HJV Victor & Others v LP Liebenberg

03 February 2025

Dear Member

Tariomix (Pty) Ltd t/a Forever Diamonds and Gold was placed into liquidation on 12 April 2024. The applicants, appointed as joint provisional liquidators, sought the sequestration of the respondent, Mr Louis Petrus Liebenberg, alleging he misappropriated company funds. The claimed indebtedness amounted to R200,153,637.04.

The respondent opposed the application, arguing that the debt was either non-existent, misinterpreted or prescribed. He contended that Tariomix was merely a financier in the diamond trade and not engaged in wrongdoing.

The court considered whether the applicants had a valid liquidated claim under section 9(1) of the Insolvency Act 24 of 1936. It held that prescription may be delayed under section 13(1)(e) of the Prescription Act when a debtor is a company director.

The court had to determine whether the respondent was factually insolvent or had committed an act of insolvency. Evidence showed that his liabilities far exceeded his assets. The court granted a provisional sequestration order against the respondent’s estate.

A rule nisi was issued, calling on the respondent and any interested parties to show cause why a final sequestration order should not be granted.

Take care,

René Bekker
Chief Operating Officer

  HJV Victor & Others v LP Liebenberg. Case No:2024-071301