The appellants, comprising several companies under curatorship in the CMM group, a collective investment scheme, and their curators, applied for the winding-up of the respondent close corporation, Kufa Trading Enterprise CC. The application was based on advances totalling approximately R8.38 million made to the respondent in relation to a building contract for upgrading a residence at the University of Limpopo. The appellants alleged that the advances constituted loans that were due and payable, that the respondent was unable to pay its debts, was insolvent, and that it was just and equitable to wind it up. The respondent disputed liability, relying on a written agreement with CMM Finpro (Pty) Ltd under which repayment would only occur once the project was completed and final accounts settled. The respondent denied insolvency, denied misappropriation of funds, produced financial statements showing solvency, and contended that there was a bona fide dispute regarding the indebtedness. Allegations of bribery and corruption relating to the approval of the advances were raised by the appellants in reply but denied by the respondent.