Steinhoff warns of 'catastrophic' impact of 'wrong winding up' in appeal bid

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Steinhoff says that as an 'external company' is cannot be liquidated under SA company law.
Steinhoff says that as an 'external company' is cannot be liquidated under SA company law.
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Lawyers for Steinhoff have again argued that South African courts cannot hear a liquidation bid against the retailer as it is not a local company under SA Company Law.

Steinhoff is seeking leave to appeal an earlier ruling of the Western Cape High Court that found it has jurisdiction to hear a winding-up application brought by the former owners of Tekkie Town.  

The one-time owners of the shoe retailer have accused Steinhoff's former CEO Markus Jooste of "duping" them into swapping their Tekkie Town shares for stock in Steinhoff, which has fallen precipitously in value since late 2017.

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