Francis NO and Another v Alitori 1470 CC (6113/2009)
Francis NO and Another v Alitori 1470 CC (6113/2009) [2010] ZAFSHC 80 (25 June 2010)
The Applicants established on a balance of probabilities that there is reason to believe the Respondent will be unable to pay adverse costs. The Respondent's financial statements, including unsecured loans and assets in dispute, demonstrate that liabilities exceed assets and the Respondent is admittedly insolvent. The Court found no special circumstances to deny the Applicants' prima facie right to security. The argument that the amount of security must be determined by the Registrar before approaching the Court was rejected, as the Respondent contested its liability to provide security. The…
Source excerpt
- Security For Costs
- Close Corporations Act
- Companies Act Section 13
- Balance Sheet Analysis
- Court Discretion On Security