Wendy Machanik Properties to be wound up

Posted On Wednesday, 09 February 2011 02:00 Published by eProp Commercial Property News
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A provisional order to wind up the affairs of Wendy Machanik Properties was granted in the High Court in Johannesburg on Tuesday, Standard Bank said.

 

Wendy Machanik"Standard Bank has been granted a provisional liquidation order for the winding up of Wendy Machanik Property Holdings (WMPH) on the grounds that it is unable to pay its debts," the bank said in a statement.

"Standard Bank believes that this order, which has a return date of 1 March 2011, is in everyone's best interest as it will ensure that all creditors are treated fairly and equitably in terms of the law and that a liquidator be appointed to manage the affairs of WMPH."

In January, the high court ruled Machanik should not be granted a fidelity fund certificate for 2011, which would have allowed her to operate as an estate agent.

The move followed a successful court application by the Estate Agency Affairs Board in December to place the agency's trust accounts under curatorship, following alleged financial irregularities in the management of the accounts involving at least R25 million.

A forensic investigation had shown Machanik allegedly channelled funds from a trust account to her company account to keep the business, a close corporation, afloat.

This matter returns to court on April 5.

Last modified on Tuesday, 11 March 2014 19:29

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