Novabuild’s liquidators file a high court action seeking R76.7 million from the company’s former directors. The claim is based on allegations of reckless trading and serious financial misconduct during the period in which the directors were in office. The liquidators are attempting to recover what they consider to be losses suffered by the insolvent company and its creditors.
The matter is presented as a significant step in the administration of Novabuild’s insolvency. By pursuing former directors personally, the liquidators indicate they believe there is a basis for holding individuals accountable for decisions they say contributed to the company’s financial collapse. The sources do not provide further procedural details, such as the court in which the case is heard, the next hearing date, or the specific legal arguments and evidence relied upon.
All reporting is consistent on the main point: liquidators are seeking R76.7 million from former Novabuild directors in a high court claim linked to allegations of reckless trading. The outcome of the case has not been reported.
