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Emontic Investments (Pty) Ltd v Bothomley NO and Others (1123/2022) [2024] ZASCA 1; 2025 (2) SA 66 (SCA) (9 January 2024)
The SCA held that a secured creditor must pay over net proceeds under s 83(10) of the Insolvency Act and cannot set off post-liquidation rental.
Venter NO v Avfin (Pty) Ltd. (193/94) [1995] ZASCA 156; 1996 (1) SA 826 (SCA); [1996] 1 All SA 173 (A); [1996] 1 All SA 173 (A) (29 November 1995)
The Supreme Court of Appeal held that section 83(10) of the Insolvency Act does not require strict compliance with all procedural steps in section 83 as a precondition for the trustee's right to recover proceeds realised by a creditor. The phrase 'as hereinbefore provided' is a general reference to the realisation of securities as contemplated in the earlier subsections and does not import a requirement of strict compliance. The court found that the respondent's failure to comply with certain procedural requirements did not absolve it from its statutory obligation to pay over the proceeds to…
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