Settlement default and reserved liberty justified revival of the company petition for further hearing.

A company petition disposed of under a settlement can be revived where the settlement is breached and the Tribunal had reserved liberty to restore the matter on default. Repeated non-compliance with the agreed payment terms, including failure to meet the last opportunity granted, established default under the settlement. On that basis, restoration of the main company petition was warranted, and the petition was revived for further hearing.

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Issues: Whether the company petition deserved revival on account of default in complying with the settlement agreement.

Analysis: The petition had earlier been disposed of in terms of a settlement recorded by the Tribunal, with liberty to revive the main petition in case of default. The record showed repeated non-compliance with the payment terms, including failure to adhere to the last opportunity granted for payment. In these circumstances, the default under the settlement was established and restoration of the main company petition was warranted.

Conclusion: The main company petition was revived and listed for further hearing.

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