Vaal Bricks (Pty) Limited and Others v Van der Heever NO and Others (2824/2015)
Vaal Bricks (Pty) Limited and Others v Van der Heever NO and Others (2824/2015) [2017] ZAGPJHC 13 (16 February 2017)
The court found that the Flor Trust was indebted to the applicants and that its liabilities exceeded its assets, rendering it insolvent. The respondents' tender of payment was conditional and did not discharge the debt. The trustees lacked knowledge of the Trust's affairs and failed to provide credible evidence to refute the applicants' claims. The financial statements and reconstructed loan accounts prepared by Zeelie de Kock Auditors were accepted as reliable. The court adopted the findings of Masipa J, who previously held that the applicants had locus standi and that sequestration would be…
Source excerpt
- Final Sequestration
- Insolvency
- Locus Standi
- Conditional Tender
- Creditors Advantage