keevy N.O and Others v Born Free Investments 364 (Pty) Ltd, Keevy N.O and Others v Born Free Investments 364 (Pty) Ltd (42316/10,42315/10)
keevy N.O and Others v Born Free Investments 364 (Pty) Ltd, Keevy N.O and Others v Born Free Investments 364 (Pty) Ltd (42316/10,42315/10) [2010] ZAGPPHC 212 (3 December 2010)
The court found that the cessions by Central Lake Trading 256 (Pty) Ltd and Summer Season Trading 49 (Pty) Ltd to Born Free Investments 364 (Pty) Ltd were dispositions not made for value. The written memoranda of cession contained no reference to any value or method for determining value, and the respondent's affidavits failed to provide credible evidence of any agreement regarding value or that value was given. The respondent's version was vague, unconvincing, and did not raise a real, genuine, or bona fide dispute of fact. Applying the Plascon-Evans rule and the principles from Wightman and…
Source excerpt
- Insolvency Act Section 26
- Companies Act Section 340
- Disposition Without Value
- Liquidation
- Setting Aside Cession