South Africa and global insurance, financial institutions, banking and general law know–how
This blog is co-authored by Hannah Howell, candidate attorney.
In October 2024 the high court dismissed the defence of reckless lending contemplated in Section 81(2) of the National Credit Act, 2005 (the NCA) because the creditor under the indemnity was not a credit provider under the Act.
The applicant and the bank concluded a home…
This blog was co-authored by Shay Roper, Candidate Attorney.
The case of Merchant Commercial Finance 1 (Pty) Ltd t/a Merchant Factors v Valoworx 33 CC and Others highlights the importance of a creditor, seeking a monetary judgment, to determine and reflect the capital sum and interest payable, in the affidavit and certificate of balance in…
This blog was co-authored by Hannah Howell, Candidate Attorney.
In October 2024 the Supreme Court of Appeal ruled that an agreement for the purchase of immovable property could not be revived by an addendum to the existing agreement. A new agreement is required subsequent to the lapse of a suspensive condition contained in the agreement.
This blog was co-authored by Adrienne Hendricks (Candidate Attorney).
In two recent High Court judgements (First Rand Bank Limited v Initiative for Specialised Resource Management and Billion Property Developments v Nevzomark), the court considered whether initialling a suretyship agreement complies with the signature requirement in Section 6 of the General Law Amendment Act…
In October 2024 the High Court reaffirmed the rules governing demand and conditional guarantees in South Africa, and the standards required to challenge a demand on the grounds of fraud only in the clearest cases.
The second respondent (the employer) awarded a contract to the applicants (the JV) to upgrade certain roads. The JV had…
This blog was co-authored by Adrienne Hendricks, Candidate Attorney.
The Prudential Authority (the Authority) applied for provisional sequestration of the respondents’ joint estate under sections 83(3)(b) and 84(1A)(c) of the Banks Act (the Act).
The respondents participated in the Travel Ventures International Scheme for which they marketed significantly discounted travel vouchers for international travel and…
This blog was co-authored by Hannah Howell, Candidate Attorney.
The High Court handed down a judgment on 7 October 2024 which spotlighted that an instalment sale credit provider under the National Credit Act (NCA) must prove that the repossessed goods have been sold at the best reasonably obtainable price and may not just get summary…
This blog was co-authored by Adrienne Hendricks, Candidate Attorney.
In an October 2024 High Court judgment, the provision of the Companies Act regulating decisions taken by the board, other than at a board meeting, was interpreted to align with the prohibition on directors with conflicting personal financial interests from participating in board meetings.
Two out…
In September 2024 the High Court underscored the fundamental differences between guarantees and suretyships and the implications of business rescue proceedings on these financial instruments.
The principal debtor was indebted to the bank and had been placed under business rescue. These debts were guaranteed by the respondent as an independent, principal obligation. The respondents renounced…
This blog post was co-authored by Adrienne Hendricks, Candidate Attorney.
In a September 2024 decision of the high court, a bank brought a claim based on two certificates of balance against a surety, who had bound himself as surety for all debts owed by the debtor under an overdraft facility agreement with the bank.
The…
