Company Information

administration

FIRM DETAILS

COMPANY NAME:BOMBANI LIQUIDATORS & TRUSTEES CC

REGISTRATION NO:2003 / 058155 / 23

TELEPHONE NO:011 793  1727

TELEFAX NO:011 793 3457

MEMBERS:RICHARD MASOANGANYE – 50% INTEREST

MICHAEL LAWRENCE STEWART– 50% INTEREST

INFRASTRUCTURE

The Corporation has been set up by the two Managing Members with the purpose of meeting the empowerment requirements of a changing industry. Both members are vastly experienced businessmen having been involved in business and the insolvency industry for many years. They are also both members of the Panel of approved Liquidators of the Master of the High Court, Pretoria, Johannesburg, Cape Town and Mmabatho, but can deal with any matter anywhere in Southern Africa. The members have been directly involved in many different Liquidations over the years in South Africa, Botswana and Swaziland.

During 2006 the members of the corporation were successful in applying to the National Director of Public Prosecutions to be included on their panel of approved Curator Bonis appointees in matters handled by their Asset Forfeiture Unit. We have since then between the two partners been appointed as the Curator Bonis by The High Courts of South Africa in some 100 plus estates. These estates are from Pretoria, Polokwane, Nelspruit and Johannesburg. 

Bombani currently utilises the services of Stewart Trust Services (STS) to attend to the day to day administrative functions of the various estates the members are appointed in. STS has a staff complement of six persons, a fully functional office structure with the latest computer technology and software available. The majority of the staff are computer literate. STS is also responsible for the assisting of other Liquidators with the administration of their estates. These file include some of the largest Liquidations in South African corporate history. (Currently in excess of 680 matters)

VALUE PROPOSITION

The true strength and value of our business reposes in the Members of the corporation

  • Between Richard and Michael we have vast experience in the liquidation field and know how to maximise recovery for creditors by ensuring that assets are sold for the best possible price, debtors are recovered to the maximum possible benefit and companies that have failed are properly investigated to determine if Directors / members have removed assets illegally for personal gain etc. They know how to use the full powers afforded by the Insolvency / Companies Acts to get the returns creditors require.
  • RICHARD MASOANGANYE 
    ID No 690827 5456 08 3 (Richard)

He has worked for three years with WESBANK as a Business Development Officer. He then worked for the SOUTH AFRICAN RESERVE BANK as a team leader in the foreign exchange control department for inspection of authorised dealers. This included auditing and he obtained valuable experience in forensic investigations of companies. In 2000 he joined SBT TRUST as a Director and Liquidator. The Master of the High Court recognised his potential as an aspirant Black Liquidator and he was appointed to the Panel as a Liquidator. On the 24 May 2000 he was placed on the approved Panel of Sole Liquidators. 

In 2003 SBT Trust, Westrust and Main Financial Services set up a new joint venture company called IMBALI LIQUIDATORS with three (3) black shareholders and Directors. After that agreement ceased, Richard elected to continue the business as he was serious about being involved in the Liquidation industry. During October 2004 Richard and MLS agreed between them that by working together they could establish a liquidation firm with Integrity, experience and offer creditors an alternative and fresh option with true and bona fide empowerment entity.

  • MICHAEL LAWRENCE STEWART
    ID No 580411 5076 08 5 (MLS)

MLS commenced his career in January 1979 working for FIRST NATIONAL BANK attending to administration of deceased estates. He was responsible for the full administration of the estates from reporting of the estate to finalisation thereof. In February 1985 he left the banks employ to further his career. Between March 1985 and the end of February 1990 MLS performed the same duties for the then BANKORP TRUST. At the time of leaving their employ he was employed as a senior administrator.

An opportunity opened for him to join KPMG CHARTERED ACCOUNTANTS in March 1990 and he began working for the firm as an administrator of Insolvent Estates, Pension Funds and Deceased Estates. His duties involved the complete administration of Insolvent Estates, Liquidated Closed Corporations and Companies.  MLS remained with KPMG for eight (8) years and obtained vast experience in many facets of insolvent estate administration including cross border insolvencies in Botswana. During 1998 MLS advanced his career by applying to be placed on the Master of the High Courts approved Panel of Liquidators/ Trustees.

MLS joined COOPER TRUST as a Senior Estate Administrator / Liquidator and worked for the company doing the administration of all the complicated liquidation matters handled by that firm. He attended to the administration of many estates for four (4) years while taking appointments on a regular basis. The administration included many of the largest Liquidations in South African corporate history. It also included cross border liquidations in Swaziland. 

In 1998 MLS completed the AIPSA examination and was awarded the “Diploma in Insolvency Law and Practice” and became a practising member of AIPSA (Now known as SARIPA). During November 2002 MLS left Cooper Trust and joined SBT TRUST to once again advance his career. His duties at SBT were the same as at Cooper Trust. MLS is no longer associated with that company. He was approached by other prominent liquidators to assist with the attending to the administration of all of their matters. The estates were to be administered under the umbrella of Stewart Trust Services. MLS is currently responsible for assisting with the administration of in excess of 680 matters. He has also personally been appointed in various matters over the years and finalised many of them. 

BUSINESS STANDING

Full professional Indemnity cover and cover for any Misappropriation of Trust Funds has been taken out with Roxsure Insurance Brokers (Pty) Ltd (underwritten by Admiral Underwriters). This cover is in addition to Security Bond cover required by the Master of the High Court of all Liquidators and Trustees.

BLACK ECONOMIC EMPOWERMENT

The corporation that has been structured and the agreement signed provides for equal ownership, decision making and involvement between both the Black and white partners. Both will at all times be actively involved in the management, profit sharing and most importantly the daily activities of administration of the estates administered.

BANKING CUSTOM

Estate banking accounts are spread over all four major banks. To date there are numerous accounts we operate. All administration costs of running the business are covered by Stewart Trust Services which banks with Nedbank Ltd – (Ref B Dean Tel no 011 796 1200) 

PROFESSIONAL QUALIFICATIONS, EXPERTISE AND EXPERIENCE

  • RICHARD MASOANGANYE

DATE OF BIRTH:27 AUGUST 1969

QUALIFICATIONS:HLANGANANI SENIOR SECONDARY SCHOOL – MATRIC (1988)

TERTIARYUNIVERSITY OF SA – B COM (UNISA) (1996);  PG Certif. Fraud Examination (UP)

SUBJECTS:ACCOUNTING I, II, III

ECONOMICS I, II, III

COMMERCIAL LAW I, II

INDUSTRIAL PSYCHOLOGY I

BUSINESS ECONOMICS

BANK MANAGEMENT

INCOME TAX

MERCANTILE LAW I

CRIMINAL LAW

EMPLOYMENT HISTORY:SEE VALUE PROPOSITION

EXPERIENCE:SEE VALUE PROPOSITION

  • MICHAEL LAWRENCE STEWART

DATE OF BIRTH:11 APRIL 1958

QUALIFICATIONS:MILNER HIGH SCHOOL – MATRIC (1976)

TERTIARYAIPSA INSOLVENCY DIPLOMA THROUGH UNIVERSITY OF PRETORIA (1999)

EMPLOYMENT HISTORY:SEE VALUE PROPOSITION

EXPERIENCE:SEE VALUE PROPOSITION

ACCREDITATION MOTIVATION

We believe that with many of the older Liquidators leaving or having left the industry that this is the time to step forward and establish ourselves and this our firm as a true empowerment company that will act with professionalism, integrity and honesty offering creditors a place for them to be treated with respect as they strive to recover a maximum dividend to minimise their losses. Both Richard and Michael have vast experience obtained over many years and can ensure that matters are dealt with properly.

We pride ourselves in the fact that we can now offer creditors the kind of professionalism and accountability that comes with the responsibility of the office of a Liquidator or Trustee. From the time of our appointment in a matter, we have learned to strive to ensure a maximum and swift realisation of assets and the speedy winding up of estates.

We trust we will be able to be of service to you.

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