SA court can't order Steinhoff liquidation, say lawyers

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Steinhoff has argued that it cannot be liquidated under SA law.
Steinhoff has argued that it cannot be liquidated under SA law.
Fin24/File

Lawyers for Steinhoff have argued that a High Court bid to have it liquidated should be thrown out, as it is an "external company" under SA law that cannot be wound up by a local court.

The retailer is facing a liquidation application in the Western Cape High Court brought by the former owners of shoe retailer Tekkie Town.

The previous owners of the popular footwear chain allege they were duped into swapping their shares in a "highly profitable, cash-generative business" for stock in Steinhoff, which has fallen precipitously in value since late 2017.

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