The duties of a financially distressed bidder to disclose a change in its financial position during the procurement process

In Umso Construction (Pty) Ltd v Member of the Executive Council for Roads and Public Works Eastern Cape Province and Others ((20800/2014) [2016] ZASCA 61), the Supreme Court of Appeal considered the legal position where, following the award of a tender, it is discovered that the preferred bidder had been placed under business rescue during the bid evaluation process.

Filed under:
South Africa, Construction, Insolvency & Restructuring, Litigation, Projects & Procurement, Cliffe Dekker Hofmeyr, Non-disclosure agreement, Call for bids, Constitution, High Court of Justice (England & Wales), South Africa Supreme Court of Appeal
Authors:
Lionel Egypt , Henri-Willem van Eetveldt
Location:
South Africa
Firm:
Cliffe Dekker Hofmeyr
The importance of being earnest: buying assets from a court-appointed receiver

If you are interested in submitting a bid to buy assets from a Court appointed receiver in Ontario and there is a Court approved sales process, then it is important to submit your bid as part of that Court approved sales process. A bid tendered outside the sales process time line and procedure (even if it turns out to be the highest bid) will generally end up being a losing bid.

Filed under:
Canada, Ontario, Insolvency & Restructuring, Litigation, Miller Thomson LLP, Standing (law), Fair market value, Stay of execution, Call for bids, Royal Bank of Canada, Court of Appeal for Ontario
Location:
Canada
Firm:
Miller Thomson LLP