Lloyd v Richards and Another (4892/2022)
Lloyd v Richards and Another (4892/2022) [2025] ZAWCHC 41 (13 February 2025)
The court found that the sale of members’ interest agreement did not expressly or by necessary implication create joint and several liability. Clause 4.4 stipulated that each respondent purchased 50% of the members’ interest, and references to 'the Purchasers' and their joint conduct did not override this. The debt was divisible, and the presumption of joint liability applied. The applicant failed to show an intention to create joint and several liability. Regarding costs, the court held that the application was premature as the corporation was not debt-free at the effective date, and payment…
Source excerpt
- Sale Of Members Interest
- Joint Liability
- Contract Interpretation
- Costs Award
- Magistrates Court Jurisdiction