Business rescue practitioners face down 42 court cases from Gupta associates, creditors

Posted 07 August 2018

The business rescue practitioners trying to save the eight Gupta-owned companies placed under business rescue in February have had to face down 42 court cases in less than four months. That works out at more than 10 a month.

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BEE partners bring application for liquidation of Tubular Technical Construction

Posted 07 July 2018

Tubular Technical Construction (TTC) - part of the Tubular Group of companies - is a prominent construction and engineering company that hauled in massive contracts at Kusile, Exxaro and others. But behind the smiling facade, things are not looking that rosy. The company has been accused of bribery and corruption, and now the BEE partners in a subsidiary company say they are owed more than R24m, and TTC has stopped paying it. This prompted the BEE partners to bring an application for the liquidation of TTC.

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How to stop the sale in execution scam in its tracks

Posted 19 April 2017

It is reckoned that 100,000 South Africans have lost their homes since the Constitution came into effect in 1995 – despite its guarantees of fair administrative justice and its supposed enforcement of property rights. This outrageous scandal has been enabled by insouciant judges and a court system that operates as the enforcement arm of the banks.

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If you default on a loan agreement, when does the debt prescribe?

Posted 13 September 2016

Prescription in law means a debt or obligation is extionguished after the passage of a certain amount of time. In this review on a recent case that came before the Supreme Court of Appeal, Kirsty Simpson of ENS Africa looks at what happens when you default on a debt and the creditor elects to demand the full amount outstanding, rather than just the arrears (which is known in banking as acceleration).

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Forget debt counselling - manage your own debt and get out of slavery

Posted 11 September 2016

In this article, Armand Rinier argues against going under debt review. We've had 10 years' experience with debt review and most people find themselves doling out money every month that they can ill-afford. There is a better way - manage the debt yourself, pay only your most important creditors (house and car) and start a personal savings fund to carry you through future financial shocks. As Rinier points out, many of the debts that people are paying are prescribed - meaning they are under no obligation to pay them 

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Western Cape court disallows garnishee orders issued outside province

Posted 18 October 2015

The days of debt collectors going "forum shopping" by searching out friendly magistrates courts are coming to an end. A recent decision in the Western Cape High Court made it illegal for debt collectors to obtain garnishee orders outside the province. This will almost certainly be adopted by other provinces. 

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There's a debt collection frenzy underway

Posted 11 October 2015

Consumers are being hounded by debt collectors who have bought debts from the banks - a practice which will become virtually impossible under the amended National Credit Act. Consumer Watch advises on how to avoid having to pay debts older than three years - do not admit the debt, and instead raise prescription as a defence.

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Smoke and mirrors of the debt industry

Posted 09 October 2015

A recent case in the Cape High Court highlighted some of the more questionable practices going on in the debt industry. Such cases appear to be proliferating, prompting the courts to refer to it as a "fledgling cottage industry" as voluntary liquidations are apparently the new way to go.

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Black liquidators want answers from Reserve Bank amid accusations of race bias

Posted 01 February 2015

Black liquidators are demanding answers from the Reserve Bank after it objected to the appointment of two black liquidators in the Pietermaritzburg High Court. An association of black liquidators wants to know the real reason behind the Reserve Bank's apparently racial preference in this matter.

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Maybe there is justice after all for liquidated guest lodge

Posted 07 January 2015

The Highlands View Guest Lodge in Kensington, Johannesburg, successfully fought off an attempt by Nedbank to derail its application to overturn the liquidation order granted against it last year in the South Gauteng High Court. Now, nearly five years later, it seems the court will get to hear accusations of fraud and perjury against the bank. 

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Races cannot be classified, Solidarity tells court

Posted 15 October 2014

The liquidations business is pretty much a white-dominated affair, but that may change as a result of a new Department of Justice policy that will appoint trustees based on race and gender. That represents a huge loss of income for the incumbents, who are now challenging this policy, with the help of trade union Solidarity.

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Fraud accusations fly over Nedbank liquidation of guest lodge

Posted 12 September 2014

A Johannesburg guest lodge was liquidated by Nedbank this week despite accusations of fraud and perjury. Why would the bank shut down a lodge over a R62,000 debt when its lawyers fees would be more than this? We decided to take a look.

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Sasfin to be hit with R30m damages claim after closing down Joburg man's business

Posted 28 August 2014

Joburg man Damon Greville is claiming R30,5 million in damages from Sasfin after the bank shut down his business in 2011 and then attempted to foreclose on his house. Earlier this year Greville successfully defended the bank's attempt to foreclose on his house, claiming his debt to the bank is already discharged and the bank in fact owes him.

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US economy recovers faster due to kinder bankruptcy laws

Posted 24 July 2014

The US pulled out of recession more rapidly than Europe due in part to improved consumer spending. This in turn was due in no small part to more kinder bankruptcy rules, such as no-recourse mortgages in some states and the ability of insolvents to get back on their feet within months rather than years. 

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One of SA's richest men subpoenaed in Brakspear trial

Posted 22 July 2014

Ian Brakspear of Durban has subpeonaed one of SA's richest men, Johann Rupert, to testify at his upcoming trial in the Durban High Court in August. He says Rupert came to acquire Brakspear's Cape wine farm following a fradulent liquidation of of his business.

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Cape farmer launches R10 million damages suit against liquidators after home invasion

Posted 17 July 2014

Cape farmer Yvonne Oberholster's home was invaded yesterday morning by the sheriff of Somerset West and agents of KPMG Services, despite her application to the Constitutional Court for leave to appeal against her sequestration as she was under debt review at the time. Now she is suing the liquidators for R10 million.

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Pretoria man goes from millionaire to sleeping in his car in 3 easy steps

Posted 09 July 2014

Jonn Basson is a few days away from being tossed out of his small farm outside Pretoria, He will then likely end up sleeping in his car. He went from millionaire to zero in three easy steps. This is how it happened...

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Insolvencies are down: a good or bad sign?

Posted 03 July 2013

Insolvencies are down, but the country faces a debt epidemic unparalleled in its history, writes Arlene Levy. It's time the banks were held to account in the courts. 

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