adminand that he would take some time to reach a final decision.
Earlier, the court heard that there was no law allowing for the ANCYL to be wound-up.
Advocate John Peter, for the ANCYL, said an application for the liquidation of the organisation by Z2 Presentations, trading as University Events Management (UEM), was a “bad winding-up application”.
“The Companies Act does not permit the winding-up of a body corporate, other than a company,” he said.
The ANCYL has failed to pay UEM nearly R15m for its 2008 national congress in Mangaung in the Free State, at which its expelled president Julius Malema was elected.
The sheriff reportedly twice tried to seize ANCYL assets, but found there were none.
In an answering affidavit, ANC Secretary General Gwede Mantashe said it was a matter of record that the ANCYL’s affairs were “shambolic and chaotic”.
The UEM’s lawyers have argued that the Insolvency Act applies, and that, as a result, the ANCYL’s affairs can be wound-up.
A trustee needed to be appointed to establish where the ANCYL’s assets were, since it was an organisation with numerous members who paid annual fees, and which received donations.
Dirk Vetten, for UEM, told the court his clients decided to bring an application for both the winding-up of the ANCYL and its sequestration.
The affidavit for sequestration was submitted late in the filing of papers.
Winding-up is the process of dissolving a company, during which its assets are collected and debts are paid off, either out of the assets or from contributions by its members, if necessary.
Sequestration is the surrendering of an estate by a person, a process which is instituted by a court to help people who are no longer able to pay their debts because of uncontrollable circumstances. — Sapa.
Online Reporter