In this case the court reasoned that the amendment of s 66 1 of the CC Act has the effect of extending the provisions of the old Act, which relate to the winding up of companies, to the winding up of close corporations, specifically in the instance a cc Liquidating the CC Act neglects to address a particular matter. The Insolvency Act, Act 24 of and the Companies Act gives you the right, no, the obligation to liquidate the entity. This prevents additional charges a cc Liquidating accumulating on the balance. The member or director acts as an 'agent' for the Government, and money received must be paid over to the Government. What are the consequences of liquidating a company? If you are already registered as a customer, and know your customer a cc Liquidating and password, proceed to step 2. ABSA however argued that it was irrelevant whether it had based its application on s 69 as read with s 68 of the CC Act for the reason a cc Liquidating the new legislative regime envisioned that close corporations would be liquidated on the same grounds as companies.