MBABANE -The office of the Master of the High Court sees the proposed liquidation of the SCBS as a huge blunder.
The Master’s Office in Eswatini (under the High Court) plays a vital role in protecting assets and overseeing the legal administration of deceased estates, trusts and liquidations. It supervises executors and curators to ensure legal compliance and the fair distribution of assets to beneficiaries.
On condition of anonymity,a trusted official at the Master’s office sourced this bold stand from the Companies Act of 2009 Section 314 (h).
The section reads,“any person who does not reside in Swaziland, unless such person is appointed co-liquidator with a person ordinarily resident in Swaziland.”
Tygerberg Trustees (Pty) Ltd was appointed as the Provisional Liquidator of SCBS.
Tygerberg Trustees (Pty) Ltd is a South African fiduciary services firm based at Tyger Waterfront, Bellville, specializing in liquidations, business rescue, deceased estates, and trust services. Co-director Herman Bester has been involved in high-profile cases, including the Mirror Trading International (MTI) pyramid scheme liquidation.
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).
The Master of the High Court official further explained that the liquidation should not take off because it happened outside the Master of the High Court’s office.
“Now that there are news of a provisional liquidator,the curator should have called a meeting for the members and creditors to update them on what he discovered during his tenure.The appointment and supervision of the liquidator happens with the Master’s Office and strangely the application that was made by the FSRA we were not party,atleast as respondents.This liquidation is peculiar and it cannot be effected.”
He continued to explain that according to the FSRA Act of 2010 section 71,the regulator only had powers to appoint the curator only and the latter was accountable to them.
“It is so unfortunate that now it would be very difficult to intervene because it happened without us being consulted.This was mess from the onset”
The FSRA informed members and shareholders about the appointment of the liquidator through a press statement.This was the same day the authority issued a cease and desist towards the members as they were due to attend a meeting at Sibane Hotel.
The statement read,“The authority would like to take its regulatory position,reaffirm the basis of its actions and ensure that stakeholders are aware of accurate facts.On or about December 24,2025,the high court of Eswatini issued a court order placing Status Capital Building Society under a provisional order of liquidation.Also,Tygerberg Trustees (Pty) Ltd was duly appointed as the provisional liquidator of Status Capital Building Society.”
He further made an example of what was happening on the ground regarding the Royal SwaziSpa Holdings liquidation where an initial attempt to appoint a foreign liquidator was dismissed on the same premise -Marisa Boxshall-Smith was appointed the liquidator.
Marisa Boxshall-Smith is an attorney and liquidator based in Eswatini. She has handled high-profile liquidation proceedings, including managing the maintenance of the Royal Swazi Spa golf course and overseeing the sale of the company’s assets.
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
The Act in full:
Persons disqualified from appointment as liquidator
A person shall not be quality for nomination or appointment as the liquidator of a company, if he is;
(a)insolvent;(b)a nominator or any other person under legal disability;
(c)a person declared under section 315 to be incapable of being appointed as a liquidator, while he remains so incapable;
(d)a person removed from an office of trust by the court on account of misconduct or a person who is the subject of any order under this Act disqualifying him from being a director;
(e)a corporate body;
(f)any person who has at any time been convicted (whether in Swaziland or elsewhere) of theft, forgery or uttering a forged document or perjury and has been sentenced to imprisonment without the option of a fine or to a fine exceeding twenty Emalangeni;
(g)any person who has by means of any misrepresentation or any reward, whether directly or indirectly induced or attempted to induce any person to vote for him in the nomination of a liquidator or to effect or assist in affecting his nomination or appointment as liquidator of any company;
(h)any person who does not reside in Swaziland, unless such person is appointed co-liquidator with a person ordinarily resident in Swaziland;
(i)any person who at any time during a period of twelve (12) months immediately preceding the winding-up of a company acted as a director, officer or auditor of that company:Provided this paragraph shall apply to an auditor in the case of members’ voluntary winding-up of the company concerned as contemplated in section 293;
(j)an agent authorised specially or under a general power of attorney to vote for or on behalf of a creditor at a meeting of creditors of the company concerned and acts or purports to act under such special authority or general power of attorney.
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