ABSA Bank Limited v Go On Supermarket (Pty) Limited (The Spar Group Limited intervening) (9442/2022)
ABSA Bank Limited v Go On Supermarket (Pty) Limited (The Spar Group Limited intervening) (9442/2022) [2022] ZAGPJHC 173 (24 March 2022)
The court found that ABSA was entitled to perfect its security under the general notarial bond during business rescue proceedings, as business rescue constitutes a form of judicial management, triggering ABSA's rights under the bond. The business rescue practitioner's consent to the perfection was valid, and symbolic possession through the practitioner as ABSA's agent was sufficient to establish a real right of pledge. The Spar Group Limited was granted leave to intervene due to its substantial interest as a major creditor and holder of a special notarial bond. The court agreed that assets su…
Source excerpt
- Perfection Of Notarial Bond
- Business Rescue
- Priority Of Security Rights
- Pledge And Real Rights
- Urgent Interdict
- Creditor Intervention