Liquidation Experience in the Past
Macmed Healthcare is a perfect example of a complicated liquidation. Macmed, known by the… as ‘the mother of all fraud cases’, involved the liquidation of a number of subsidiaries.
Represented the Main Accused CEO
We represented Macmed’s CEO, the main accused, in the case in which it was alleged that various banks were misled into grant Macmed exorbitant amounts in loans as a result of the financial statements.
- There was also an action for reckless and fraudulent trading against the company directors and officers for R989 million.
- The Liquidation also led to a Civil Action against the auditors for misrepresentations in the financial statements.
- The actions against the directors involved 50 individual counts of fraud and reckless trading, and in excess of 150 000 documents.
- This case ultimately laid down many important legal principles.