Olifant v ABSA Bank Ltd and Others (NCT/ 231/2009/138 (1)(P)) [2009] ZANCT 4 (30 November 2009)

Olifant v ABSA Bank Ltd and Others (NCT/ 231/2009/138 (1)(P)) [2009] ZANCT 4 (30 November 2009)

The Tribunal found that the applicant and respondents are parties to a debt rearrangement agreement facilitated by a debt counsellor in terms of section 86(7)(b) of the National Credit Act. All parties have consented to the proposed restructuring of payment instalments, and the agreement complies with the requirements of the Act. The Tribunal is satisfied that the draft consent order reflects the parties' agreement and is in accordance with the statutory provisions. Accordingly, the Tribunal confirms the draft consent order as an order of the Tribunal, making the restructured payment arrangements enforceable. The parties are warned that non-compliance with the order constitutes an offence...

Citation
[2009] ZANCT 4
Parties
Applicant: Leboahang Maria Olifant; Respondent: ABSA Bank Limited; Respondent: American Swiss a division of Foschini Retail Group (Pty) Ltd; Respondent: First National Bank a division of First Rand Bank; Respondent: Lewis Stores (Pty) Ltd; Respondent: Woolworths
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
30 November 2009
Case Number
NCT/ 231/2009/138 (1)(P)
Procedural Posture
Consent Order Application / Final Determination
Outcome
Consent order granted; draft consent order confirmed as order of the Tribunal.
Judges
Bill Haslawi
Legal Topics
Debt Restructuring, National Credit Act, Consent Order, Debt Review, Credit Agreements
Banking and Finance Civil Procedure Debt Restructuring National Credit Act Consent Order Debt Review Credit Agreements

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 1 Party arguments 2 Amounts and remedies 12
Sign in to unlock

Parties

Leboahang Maria Olifant

Applicant

ABSA Bank Limited

Respondent

American Swiss a division of Foschini Retail Group (Pty) Ltd

Respondent

First National Bank a division of First Rand Bank

Respondent

Lewis Stores (Pty) Ltd

Respondent

Woolworths

Respondent

Procedural Posture

Consent Order Application / Final Determination

Legal Issues

  1. 1 Whether the applicant and respondents are parties to a valid debt rearrangement agreement under the National Credit Act.
  2. 2 Whether the Tribunal should confirm the draft consent order as an order of the Tribunal.
  3. 3 Whether the restructured payment arrangements comply with the requirements of the National Credit Act.

Ratio Decidendi

The Tribunal found that the applicant and respondents are parties to a debt rearrangement agreement facilitated by a debt counsellor in terms of section 86(7)(b) of the National Credit Act. All parties have consented to the proposed restructuring of payment instalments, and the agreement complies with the requirements of the Act. The Tribunal is satisfied that the draft consent order reflects the parties' agreement and is in accordance with the statutory provisions. Accordingly, the Tribunal confirms the draft consent order as an order of the Tribunal, making the restructured payment arrangements enforceable. The parties are warned that non-compliance with the order constitutes an offence...

Court Disposition

Consent order granted; draft consent order confirmed as order of the Tribunal.

Orders

  • The draft consent order formulated as the order of the Tribunal attached hereto and marked Annexure 'A' and its Appendix marked 'AA' is confirmed.
  • The parties are warned that failure to comply with the order of the Tribunal constitutes an offence in terms of section 160(1) of the National Credit Act.