Ntekane and Another v African Bank Ltd and Others (NCT/ 279/2009/138 (1)(P)) [2010] ZANCT 2 (14 January 2010)

Ntekane and Another v African Bank Ltd and Others (NCT/ 279/2009/138 (1)(P)) [2010] ZANCT 2 (14 January 2010)

The Tribunal found that the applicants are experiencing difficulty in satisfying their obligations under credit agreements and that the debt counsellor's recommendation for restructuring payment instalments was supported by all parties. The Tribunal was satisfied that the requirements of section 86(7)(b) and section 138(1) of the National Credit Act were met, as all parties consented to the agreement. Accordingly, the Tribunal confirmed the draft consent order, making the restructured payment arrangements an order of the Tribunal. The parties were warned that non-compliance with the order constitutes an offence under section 160(1) of the Act.

Citation
[2010] ZANCT 2
Parties
Applicant: Mojalefa Adolphus Ntekane; Applicant: Ntombizokwenzoni Elizabeth Ntekane; Respondent: African Bank Limited; Respondent: Truworths Limited; Respondent: Woolworths
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
14 January 2010
Case Number
NCT/ 279/2009/138 (1)(P)
Procedural Posture
Consent Order Application / Final Order
Outcome
Consent order granted confirming the debt restructuring agreement between the applicants and respondents.
Judges
Tanya Woker
Legal Topics
Debt Restructuring, National Credit Act, Consent Order, Debt Review
Banking and Finance Civil Procedure Debt Restructuring National Credit Act Consent Order Debt Review

Case Brief

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Parties

Mojalefa Adolphus Ntekane

Applicant

Ntombizokwenzoni Elizabeth Ntekane

Applicant

African Bank Limited

Respondent

Truworths Limited

Respondent

Woolworths

Respondent

Procedural Posture

Consent Order Application / Final Order

Legal Issues

  1. 1 Whether the applicants are entitled to a debt re-arrangement order under the National Credit Act.
  2. 2 Whether the consent order as drafted complies with the requirements of section 86(7)(b) and section 138(1) of the National Credit Act.
  3. 3 Whether the parties have validly consented to the proposed debt restructuring agreement.

Ratio Decidendi

The Tribunal found that the applicants are experiencing difficulty in satisfying their obligations under credit agreements and that the debt counsellor's recommendation for restructuring payment instalments was supported by all parties. The Tribunal was satisfied that the requirements of section 86(7)(b) and section 138(1) of the National Credit Act were met, as all parties consented to the agreement. Accordingly, the Tribunal confirmed the draft consent order, making the restructured payment arrangements an order of the Tribunal. The parties were warned that non-compliance with the order constitutes an offence under section 160(1) of the Act.

Court Disposition

Consent order granted confirming the debt restructuring agreement between the applicants and respondents.

Orders

  • The draft consent order as formulated and attached as Annexure 'A' is confirmed as an order of the Tribunal.
  • The payment structures and extended payment periods set out in Annexure 'B' are made an order of the Tribunal.