A Bloemfontein attorney's affidavit reveals troubling allegations about the Banxso liquidation process, claiming it was marred by exclusion of dissenting voices and unexamined legal costs, raising serious questions about the integrity of insolvency proceedings.
A Bloemfontein attorney has placed before the Western Cape High Court an affidavit alleging that the liquidation of Banxso (Pty) Ltd was not the neutral, court-supervised process the law requires. Kobus Senekal from FJ Senekal Incorporated alleges that it was instead a coordinated operation: professionals who stood to benefit helped set it in motion, included creditors whose claims had already been settled, excluded employees who might have challenged the process, and then used a statutory meeting to approve costs that were never independently scrutinised.
The application was filed in the Western Cape High Court on Wednesday, May 27 2026. The respondents are the Master of the High Court and all six liquidators. The relief sought includes setting aside everything resolved at the second meeting of creditors, ordering full disclosure of every record the liquidators have thus far refused to produce, compelling proper taxation of all legal costs, and directing that punitive costs be paid personally, from their own pockets, by the liquidators whose conduct contributed to the irregularities.
