Gainsford NO and Others v Tiffski Property Investments (Pty) Ltd and Others (874/2010)
Gainsford NO and Others v Tiffski Property Investments (Pty) Ltd and Others (874/2010) [2011] ZASCA 187; [2011] 4 All SA 445 (SCA); 2012 (3) SA 35 (SCA) (30 September 2011)
The Supreme Court of Appeal held that the transfer of the business and assets of Tiffindell Ski Limited to Tiffski Property Investments was void under section 34(1) of the Insolvency Act because it was not in the ordinary course of business, was not for securing payment of a debt, and no notice was published as required. The company was a trader, and the transfer occurred within six months prior to liquidation. Consequently, Tiffski did not acquire ownership, and the mortgage bonds registered in favour of the State Bank of India Limited were also void. The Bank's constitutional property right…
Source excerpt
- Void Disposition Of Assets
- Ordinary Course Of Business
- Mortgage Bonds
- Trader Definition
- Constitutional Property Rights
- Onus Of Proof