Stan Rio Pipe and Steel (Pty) Ltd v Esterhuizen (64166/2015)
Stan Rio Pipe and Steel (Pty) Ltd v Esterhuizen (64166/2015) [2016] ZAGPPHC 35 (29 January 2016)
The court found that the deed of suretyship, although the name of the principal debtor was left blank, was valid as the identity of the principal debtor could be ascertained from the documents as a whole, in line with the Supreme Court of Appeal's decision in Industrial Development Corporation of SA (Pty) Limited v Dale Clifford Sliver. The business rescue plan of the principal debtor does not affect the liability of the surety, as the statutory moratorium is a personal defence and does not extend to sureties unless the plan specifically provides for it. The defendant failed to raise a bona f…
Source excerpt
- Suretyship
- Business Rescue
- Summary Judgment
- General Laws Amendment Act
- Companies Act
- Defences Of Surety