Absa Bank Ltd v Kardre Investment CC (13342/10) [2010] ZAWCHC 448 (20 August 2010)
Court
Western Cape High Court, Cape Town
Case number
13342/10
Judge
Baartman
The court found that the respondent failed to disclose a bona fide defence that was good in law. The respondent did not deny that the loans were advanced or that the mortgage bonds were registered. The respondent's complaints regarding vagueness and lack of demand were not sufficient to constitute a defence. The loan agreements stipulated that instalments were payable after registration of the bonds and over a 20-year period. The respondent's affidavit did not raise any material dispute of fact or law that would justify refusing summary judgment. Accordingly, summary judgment was granted in f…
Citibank NA v Daveglen 1003 Trading CC (03/04/01) [2005] ZAKZHC 3 (8 February 2005)
Court
High Courts - Kwazulu Natal
Case number
4103/2004
Judge
Tshabalala JP
The court found that the respondent failed to pay, secure, or compound the debt after demand, as required by section 69(1)(a) of the Close Corporations Act. The respondent's explanations regarding payment allocation and property ownership were unsupported by evidence and did not rebut the statutory presumption of inability to pay. The respondent did not provide proof of liquid or realizable assets sufficient to discharge its debt. The loan agreement's non-variation clause precluded reliance on extrinsic agreements or allocations. The court exercised its discretion in favour of the applicant,…