Nedbank Limited v Mabena (A324/16)
Nedbank Limited v Mabena (A324/16) [2017] ZAGPPHC 135 (30 March 2017)
The court found that the appellant's claim against the respondent was liquidated, as it was based on the misappropriation of a specific sum of money. The respondent's defence that he acted only as director of Morua was rejected, as statutory provisions impose personal liability on executors and their agents for unlawful distributions. The respondent admitted liability in affidavits and correspondence, and failed to dispute the material allegations regarding the misappropriation of funds. The court held that the requirements of section 9(1) of the Insolvency Act were met, and that the provisio…
Source excerpt
- Sequestration
- Liquidated Claim
- Personal Liability Of Executor
- Misappropriation Of Estate Funds
- Administration Of Estates Act
- Fraudulent Misrepresentation