First Rand Bank Ltd v Janse Van Rensburg (3846/2011, 3847/2011)
First Rand Bank Ltd v Janse Van Rensburg (3846/2011, 3847/2011) [2012] ZAECPEHC 1; [2012] 2 All SA 186 (ECP) (17 January 2012)
The court held that the mere fact of an application for debt review under section 86 of the National Credit Act, as reflected in a credit bureau report, does not constitute an act of insolvency under section 8(g) of the Insolvency Act. Section 8(g) requires a written notice from the debtor to the creditor that unequivocally states an inability to pay debts. The credit bureau report did not contain such a statement, nor was it communicated by the respondents themselves or by an authorized agent. The authorities cited, including First Rand Bank Ltd v Evans, do not support the proposition that a…
Source excerpt
- Insolvency Act Section 8g
- National Credit Act Debt Review
- Acts Of Insolvency
- Written Notice Requirement