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Financial Institutions Legal Snapshot

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Debt

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Uncertain prospects of a principal debt being paid is no defence for a surety

Photo of Izak Lessing
By Izak Lessing on May 12, 2025

This blog was co-authored by Adrienne Hendricks, Trainee Associate and Adriaan Lourens, Candidate Attorney.

In April 2025 the High Court dealt with a bank’s claim for payment of R15 million, plus interest and costs, brought against the surety of a company. The company, as principal debtor, had concluded a loan agreement with the bank but…

Posted in Credit

A liquidation application is not appropriate for disputed debts

Photo of Aslam Moosajee (ZA)
By Aslam Moosajee (ZA) on December 11, 2016

In November 2016, the Supreme Court of Appeal reiterated that if a respondent in a liquidation application disputes the indebtedness on bona fide and reasonable grounds, the liquidation application should be refused. Liquidation proceedings are not designed for the enforcement of disputed debts.

In the case of Freshvest Investments (Pty) Ltd v Marabeng (Pty) Ltd…

Posted in General

When a debt becomes due: prescription of loans

Photo of Rachel MazowerPhoto of Andrew Strachan
By Rachel Mazower & Andrew Strachan on November 9, 2016

A loan becomes due (claimable) from the moment that it is lent to the borrower, unless the parties specifically agree otherwise.

In a September 2016 judgment the Supreme Court of Appeal held that a loan that was ‘due and payable to the lender within 30 days from the date of delivery of the lender’s written…

Posted in General

Constitutional Court considers the meaning of debt in relation to prescription

Photo of Craig Woolley
By Craig Woolley on June 8, 2016

The Constitutional Court recently considered the meaning of the word ‘debt’ in relation to the Prescription Act and found that the word must be given a meaning that is least intrusive on the constitutional right to access to courts.

In Makate v Vodacom (Pty) Ltd the applicant instituted action against Vodacom to compel them to…

Posted in General

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Norton Rose Fulbright’s financial institutions team provides straightforward legal updates. Our lawyers offer local insights with an international perspective recognised worldwide. This blog focuses on the South African market and is about sharing knowledge with you. Blog posts are not legal advice.

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