Isibaya Fund v Visser and Others (41924/06)
Isibaya Fund v Visser and Others (41924/06) [2013] ZAGPPHC 219 (17 July 2013)
The court found that the plaintiff, represented on the board of the Carewell Group and actively involved in criminal and asset forfeiture proceedings, had knowledge of the facts giving rise to its claim against the defendants by March 2000. The Public Investment Corporation, and by extension the Isibaya Fund, is not the State for purposes of the Prescription Act, and the applicable prescription period is three years. The claim for personal liability under section 424 of the Companies Act constitutes a 'debt' for prescription purposes, and prescription commenced when the plaintiff had sufficie…
Source excerpt
- Prescription Act
- Personal Liability Of Directors
- Reckless Trading
- Section 424 Companies Act
- Locus Standi
- Debt Due To State