A two-and-a-half-hour virtual hearing before the Cape Town Master’s Office hinged on the actions of a few key figures: a liquidator who controlled access to the very meeting scrutinising his conduct, a presiding officer who allowed a disputed vote to go ahead despite explicit warnings, and a single firm of attorneys whose creditors pushed every resolution through. The same liquidator and presiding officer had followed a strikingly similar pattern in an earlier estate.
The question raised at the second creditors' meeting of Banxso (Pty) Ltd on May 15, 2026 was not really about Banxso. It was about the people administering its remains.
Over a video link, the liquidators secured ratification of their own conduct, including the payment of about R5.9 million to a single firm of attorneys and total legal costs put on the record at close to R11 million. They did so at a meeting whose advertisement never disclosed it would be held online, whose joining link was controlled by the very liquidator whose conduct was under scrutiny, and from which a group of former employees, whose claims had been lifted from the Master's office and never put back, emerged with no vote.
By the time Zukile Mabusela the presiding officer declared the resolutions "deemed adopted," the attorney acting for those employees had stated on the record that he would go to court to set the meeting aside. The employees could not vote because their claims were not on file. The Mabusela’s answer was that they could prove their claims at some future meeting. By then, as the attorney pointed out, the resolutions would already have passed.
