A request for approval of Liquidators’ fees was resisted by the Company’s Liquidations committee on the basis that the fees were excessive. The Court acknowledged that the SPhinX liquidation is ‘among the more complex’ of such undertakings. However, the Court was concerned about the Liquidators’ own implicit admission to being extremely cautious because of the ‘fractious nature’ of the liquidation.
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In the Matter of the Companies Law (2007 Revision) and In the Matter of the SPhinX Group of Companies (In Official Liquidation) Cause No. FSD 16 of 2009, Smellie, CJ, 19 October