Livestock Wealth has been placed into final liquidation by South Africa’s Gauteng High Court after the court rejected founder Ntuthuko Shezi’s rescue plan.
South Africa’s Gauteng High Court has ordered the final liquidation of Livestock Wealth.
The court also dismissed a last-minute business rescue application filed by founder Ntuthuko Shezi.
The ruling moves the company’s assets under the Master of the High Court, and recoveries for retail investors are still unclear.
Livestock Wealth, an agricultural crowdfunding platform founded in 2015, has been placed into final liquidation by the Gauteng High Court.
The company let retail investors fund assets like cattle and macadamia trees through a digital platform, then earn returns if projects performed.
In 2022, Livestock Wealth received backing from Khulisani Ventures, the venture arm of Mineworkers Investment Company. Part of that investment was a ZAR 3 million convertible loan, meaning debt that can convert into shares later under agreed terms.
Khulisani Ventures said the relationship broke down after Livestock Wealth repeatedly failed to provide financial disclosures required under its agreement. In December 2023 it issued a notice of default, and by June 2024 it declared an event of default, accelerated the loan, and demanded repayment.
After the company did not repay, Khulisani Ventures filed for liquidation in November 2024.
Shezi opposed the liquidation and filed an urgent business rescue application days before the hearing. Business rescue is a legal process meant to keep a distressed company operating while it restructures.
The court rejected the rescue bid. Acting Judge JF Pretorius found Livestock Wealth both commercially and factually insolvent, and said the proposed rescue plan relied on speculation.
This is a high-profile failure in South Africa’s agri-fintech and retail crowdfunding space, where platforms often rely on trust and regular reporting.
For retail investors, liquidation does not automatically mean full recovery. It starts a formal process to sell assets and repay creditors in a legal order, which can leave smaller investors waiting and uncertain.
For startups using convertible loans, the case is also a reminder that missed disclosure obligations can quickly become a funding and survival risk, especially when a lender can call the loan due after a default.
Primary Source: Techinafrica
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