African Bank Limited v Weiner and Others (4332/02)
African Bank Limited v Weiner and Others (4332/02) [2003] ZAWCHC 42; [2003] 4 All SA 50 (C); 2004 (6) SA 570 (C) (1 September 2003)
The court held that the applicant, as a creditor with proved claims against debtors under administration, has a direct and substantial interest in ensuring compliance with the statutory duties of administrators. The court dismissed the preliminary point regarding locus standi and found that declaratory relief was appropriate in the public interest. On the merits, the court determined that the first respondent, as a practising attorney, is not obliged to provide security under section 74E(3), but must deposit all monies received as administrator into his attorney's trust account in terms of se…
Source excerpt
- Administration Orders
- Remuneration Of Administrators
- Fiduciary Duties
- Trust Accounts
- Interest On Trust Funds
- Declaratory Relief