On the face of it, the very recent judgment in The Standard Bank of South Africa Ltd v Hunkydory Investments 188 (Proprietary) Limited and Others (WCC) (unreported case no 15427/08, 1-6-09), a judgment by Owen Rogers AJ sitting as a single judge in the Western Cape High Court handed down on 1 June 2009, answers the question posed in the title with a resounding yes.
However, she warns that bondholders (and for that matter other holders of security which could result in major assets of the company being disposed of) should still be anxious. Because only time will tell as other High Courts have and may well continue to take a different view to the single judge in the Hunkydory and other cases, and so may the Supreme Court of Appeal (SCA). So she recommends that attorneys should recommend to their clients that they act cautiously and obtain the necessary resolutions in terms of s 228 of the Companies Act 61 of 1973, until the SCA has finally settled the issue.
De Rebus website and Full judgment