Kelvin Park Properties CC v Paterson NO (558/98)
Kelvin Park Properties CC v Paterson NO (558/98) [2000] ZASCA 58; 2001 (3) SA 31 (SCA) ; [2001] 1 All SA 18 (A) (29 September 2000)
The court held that the insolvent was a trader at the time of the transfer because he still had substantial trade debts and the business had not been wound up. The cessation of daily trading activities did not alter his status as a trader for the purposes of section 2 of the Insolvency Act. The property formed part of the business as contemplated in section 34(1), given its adaptation for business use and its integral role in the operation of the butchery. The invoice and VAT treatment further supported this conclusion. The failure to publish notice as required by section 34(1) rendered the t…
Source excerpt
- Insolvency Act Section 34
- Definition Of Trader
- Transfer Of Business Assets
- Creditor Protection
- Onus Of Proof