PRESENTATION : SELECTION COMMTTEE ON LAND AND ENVIRONMENTAL AFFAIRS

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PRESENTATION SELECTION COMMTTEE ON LAND AND
ENVIRONMENTAL AFFAIRS

• SOUTH AFRICAN ABATTOIR CORPORATION ACT REPEAL
  BILL, 2005

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INTRODUCTION

• The South African Abattoir Corporation Act
  (hereinafter referred to as the Act) and its
  Purpose.
• The Incorporation of South African Abattoir
  Corporation as a Public Company (ABAKOR).
• Liquidation process of ABAKOR
• Conclusion

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THE SOUTH AFRICAN ABATTOIR CORPORATION ACT AND
ITS PURPOSE.

• The South African Abattoir Corporation Act come
  into effect on the 10th July 1992.
• Its purpose was to
• 1. Abolish the Abattoir Commission.
• 2. Provide for the incorporation of the South
• African Abattoir Corporation as a Public
  Company and the
• disposal of shares held in the company by
  the
• State.

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THE INCORPORATION OF SOUTH AFRICAN ABATTOIR
CORPORATION AS A PUBLIC COMPANY (ABAKOR).

• Pursuant to the Act, South African Abattoir
  Corporation was duly registered and incorporated
  into a Public Company.
• Upon incorporation of ABAKOR, all the assets,
  liabilities, rights and obligations of the
  Corporation passed to ABAKOR.
• The State became the sole shareholder of ABAKOR.
• The Minister of Agriculture was duly authorized
  to exercise on behalf of the State, the rights
  attached to ABAKOR shares.
• The Directors of ABAKOR could only alter the
  share capital with the approval of the Ministers
  of Agriculture and Finance.

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LIQUIDATION PROCESS OF ABAKOR

• ABAKOR was indebted to a number of creditors.
• These include the Meat Board which later became
  the Meat Industry Trust.
• ABAKOR could not manage to pay its debts.
• The ABAKORs inability to pay its debts, resulted
  in the initiation of liquidation proceedings in
  the High Court.
• On the 10th October 2000, a rule nisi was granted
  by the Transvaal Provincial Division of the High
  Court of South Africa and was published as
  ordered.
• On the return date i.e. the 31st October 2000, no
  cause was shown why the rule nisi could not be
  made a final order.
• ABAKOR was placed under final winding up order
  on the 31st October 2000.
• The final liquidation and distribution account
  was confirmed on the 11th of December 2003.
• On the 16th January 2004, the final liquidation
  and distribution account was advertised in the
  Government Gazette No 25906.
• The liquidation process has now been finalized.

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CONCLUTION

• The objective of the Act was to provide for the
  incorporation of the South African Abattoir
  Corporation into a Public Company (ABAKOR).
• ABAKOR has since been liquidated.
• As the result of the liquidation of ABAKOR, the
  Act had become obsolete.
• Therefore the Act must be repealed as the purpose
  for which it passed for no longer exists.