Furman NO and Others v Hattingh (8914/2017)
Furman NO and Others v Hattingh (8914/2017) [2018] ZAGPJHC 649 (12 December 2018)
The court found that the Addendum to the Acquisition Agreement was a simulated act, intended to prevent the heirs of Blackburn from claiming their lawful share in Hattingh's member's interest in Air and Allied Technologies CC. Despite documentary evidence of cancellation, Hattingh remained a member in fact and continued to participate in the affairs of the close corporation. The Buy and Sell Agreement (BSA) was never properly cancelled and remained operative. The Addendum lacked commercial sense and was designed solely to defeat the rights of Blackburn's heirs, contrary to public policy and s…
Source excerpt
- Simulated Transaction
- Buy And Sell Agreement
- Administration Of Estates Act
- Member Interest In Close Corporation
- Public Policy
- Contract Cancellation