Simbine and Others v Nobantu Steel (Pty) Ltd and Another (118674/2023) [2024] ZAGPJHC 781 (21 August 2024)

Simbine and Others v Nobantu Steel (Pty) Ltd and Another (118674/2023) [2024] ZAGPJHC 781 (21 August 2024)

The court found that the respondents failed to comply with the payment terms set out in the acknowledgment of debt and undertaking to pay. The respondents' defence was limited to bald denials and did not constitute a genuine dispute of fact. The allocation of legal fees was clearly provided for in the acknowledgment of debt, and the respondents did not provide any substantive evidence to challenge the applicants' calculation of the outstanding amount. The court held that the applicants were entitled to the relief sought, including monetary judgment for the outstanding sum, transfer of shares to perfect the pledge and cession, delivery of book debts, and costs. The respondents' version was...

Citation
[2024] ZAGPJHC 781
Parties
Applicant: Akani Simbine; Applicant: Peet van Zyl; Applicant: Wayde van Niekerk; Respondent: Nobantu Steel (Pty) Ltd; Respondent: Siziwe Khumalo
Court
South Gauteng High Court, Johannesburg
Jurisdiction
South Africa
Judgment Date
21 August 2024
Case Number
118674/2023
Procedural Posture
Monetary Judgment Application / Final Determination
Outcome
Application granted in full; monetary judgment and ancillary relief awarded to the applicants.
Judges
TP Mudau
Legal Topics
Acknowledgment of Debt, Pledge and Cession of Shares, Book Debt Cession, Summary Judgment, Suretyship
Civil Procedure Commercial and Corporate Acknowledgment of Debt Pledge and Cession of Shares Book Debt Cession Summary Judgment Suretyship

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 4 Authorities cited 7 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

Akani Simbine

Applicant

Peet van Zyl

Applicant

Wayde van Niekerk

Applicant

Nobantu Steel (Pty) Ltd

Respondent

Siziwe Khumalo

Respondent

Procedural Posture

Monetary Judgment Application / Final Determination

Legal Issues

  1. 1 Whether the respondents are liable to pay the outstanding sum under the acknowledgment of debt.
  2. 2 Whether the respondents have raised a genuine dispute of fact regarding the amount owed.
  3. 3 Whether the applicants are entitled to ancillary relief to perfect the pledge and cession of shares and book debts.

Ratio Decidendi

The court found that the respondents failed to comply with the payment terms set out in the acknowledgment of debt and undertaking to pay. The respondents' defence was limited to bald denials and did not constitute a genuine dispute of fact. The allocation of legal fees was clearly provided for in the acknowledgment of debt, and the respondents did not provide any substantive evidence to challenge the applicants' calculation of the outstanding amount. The court held that the applicants were entitled to the relief sought, including monetary judgment for the outstanding sum, transfer of shares to perfect the pledge and cession, delivery of book debts, and costs. The respondents' version was...

Court Disposition

Application granted in full; monetary judgment and ancillary relief awarded to the applicants.

Orders

  • The first and second respondents, jointly and severally, are ordered to pay the applicants the sum of R1 061 750.00 together with interest at the agreed rate of 25.9% per annum from date of failure to pay until date of final payment, within seven days.
  • Failing payment, the second respondent is compelled to transfer the shareholding held by her in the first respondent to the applicants to perfect the pledge and cession of shares.