16 Apr CAUTIONARY MESSAGE distributed by the EXSA, AAXO and SAACI Associations
On the 19th February 2018 the 3D Group of Companies was placed in voluntary liquidation.
We would like to caution all members at this point in their dealings with 3D and the related entities of the following
in respect of voidable dispositions, the appointment of the liquidators, and the process thereafter:
Certain acts by an insolvent in terms whereof he has disposed of assets prior to sequestration are known as “voidable dispositions”.
A “disposition” in laymen’s terms means that you have gotten rid of an asset by, for example donating it to someone, selling it,
hiding on someone else’s name, lawfully or unlawfully dealing with it in such a way that the value decreases, demolishing it
or allow someone to acquire a legal right over the asset which right is stronger than the claims of creditors.
Should you have engaged in these transactions – the transactions can be held to be null en void.
Appointment of Liquidators
The property of the company falls under the custody of the Master who then hands it to the Liquidators once they are appointed.
The liquidators have been appointed in all the entities at this point and we will advise the members of liquidators should they need to lodge claims.
Assets/ Stock under Liquidations
The liquidator will recover the assets of the company for the benefit of all of it’s creditors and members.
It has to take into his custody and control, all the property, actionable claims etc. and to take such steps necessary to protect
and preserve the properties of the company.
The liquidator will ensure that there is no preferential settlement of claims or sale of stock or assets on an adhoc basis.
We impress upon all members to ensure that they consider their actions and potential transactions in terms of the Insolvency Act
in any dealings with the 3D Group of companies, and to request advice from your own legal advisors should they require it.
Should you have any further queries or concerns or require further guidance please don’t hesitate to contact your respective association directly.