MBABANE -If the pending liquidation of the Status Capital Building Society is not successfully opposed,it is set to dig deep into the dry pockets of the investors and shareholders.
This is by virtue of the fact that since the SCBS was placed under curatorship and the Financial Services Regulatory Services uses the investors’ money to fund all its legal processes on matters associated with the society – the latest being the application to have the SCBS liquidated.
Initially,the High Court of Eswatini placed Status Capital Building Society (SCBS) under provisional liquidation, effective December 24, 2025, following an application by the Financial Services Regulatory Authority (FSRA).
Consequently, the High Court appointed Tygerberg Trustees (Pty) Ltd as the Provisional Liquidator of SCBS. The liquidator was expected to assume full responsibility for managing the society’s affairs, conducting investigations, overseeing operations, and ensuring full compliance with applicable legal and regulatory requirements.
This publication took time to engage the appointed provisional liquidator to find out about the possible cost associated with doing liquidation services.
Herman Bester,on behalf of Tygerberg Trustees (Pty) Ltd responded to our questions.
“We assist with the liquidation process if the shareholders are able to take a special resolution in terms of the Companies Act which is referred to as a Voluntary liquidation and we charge R15 000-00 plus Vat.
If the shareholders are divided about the liquidation, a court process must be followed which require an appointment of an advocate with far more costs than the voluntary process, approximately R50 000.00 depending on whether the application is opposed or not.The above cost refer to the process to place the company in liquidation.”
He further explained that the cost to do the liquidation depended on the value of the assets in that particular company, “If there are no value in the assets or no assets, we do the liquidation process for R 25 000-00 plus Vat.”
Meanwhile,following reports of the potential liquidation, investors and permanent shareholders convened a meeting at SibaneSami Hotel, where they overwhelmingly resolved to oppose the legal action. On the same day, the FSRA made an unsuccessful attempt to halt the meeting, arguing that it was unlawful. Despite this, the meeting proceeded, with members asserting their right to gather and discuss the provisional liquidation order affecting their organisation.
It was through this meeting the intervening parties (the Investors and Shareholders) chose to be represented by Banele Ngcamphalala of of Mntjali Ngcamphalala attorneys.
The FSRA acknowledged the concerns of investors, creditors, staff members, and other stakeholders affected by the development. It assured the public that all affected parties will be formally engaged by the Provisional Liquidator as the liquidation process unfolds.
The Provisional Liquidator is also expected to work closely with the FSRA and report regularly to the High Court to ensure that the process is conducted transparently and in the best interests of all affected parties.
Before the liquidation was opposed,relevant stakeholders were urged to allow the liquidator sufficient time to carry out the process thoroughly and professionally, noting that liquidation proceedings often require patience.
Reiterating its mandate, the FSRA emphasized its continued commitment to protecting investors and consumers, maintaining market integrity and public confidence, and ensuring full accountability and transparency in the resolution of SCBS matters.
The regulator also confirmed that it will continue to exercise its supervisory and enforcement powers to uphold financial stability and consumer protection in Eswatini’s financial services sector.
Provisional liquidation is a temporary, court-ordered process that appoints an independent liquidator to take control of a company’s assets immediately after a winding-up petition is filed, but before a final liquidation order is made. Its primary goal is to preserve company assets, prevent mismanagement, and safeguard creditor interests while a formal decision on winding up is pending.
Status Capital Building Society members, through their lawyer, have successfully postponed the provincial liquidation by the regulator -FSRA
The postponement was done on Tuesday February 3,2026 and a new court date is May 9,2026.
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