Van Zyl and Others v Master of the High Court of South Africa Western Cape High Court, Cape Town and Another (25059/2011)
Van Zyl and Others v Master of the High Court of South Africa Western Cape High Court, Cape Town and Another (25059/2011) [2013] ZAWCHC 56; 2013 (5) SA 71 (WCC) (5 April 2013)
The court held that a claim by a creditor against an insolvent estate cannot be rejected solely because it is based on a transaction requiring Treasury approval under Regulation 10(1)(c) of the Exchange Control Regulations, where such approval has not yet been obtained or refused. The underlying transaction is not void, and Treasury approval may be sought and granted ex post facto. To hold otherwise would produce arbitrary and inequitable results, delivering a windfall to competing creditors and ignoring the possibility of subsequent approval. The principle that the rights of creditors are fr…
Source excerpt
- Expungement Of Claims
- Exchange Control Regulations
- Concursus Creditorum
- Liquidation Procedure
- Enforceability Of Foreign Loans