News

Banking Law

Ownership of funds deposited into the customer’s account

In Trustees, Estate Whitehead (“Whitehead”) v Dumas and Another (“Dumas”) 2013 (3) SA 331 (SCA) Whitehead conducted an investment scheme. A few days after Dumas invested R 3 million in the scheme – depositing money into Whitehead’s banking account – …

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Phishing scam

In Roestoff v Cliffe Dekker Hofmeyr Inc 2013 (1) SA 12 (GNP) the court held: that money paid into a bank account becomes the property of the bank and the account holder usually becomes the creditor of the bank for …

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Set-off of money in bank account

The facts in Standard Bank of South Africa (“Std”) v Echo Petroleum CC (“Echo”) 2012 (5) SA 283 (SCA) were: Echo carried on business as a wholesale supplier of fuel, in particular of Sasol products; Sasol allowed only authorised contractors …

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Commercial & Corporate Law

Sole trustee and beneficiary

The court in Groeschke v Trustee, Groeschke Family Trust and Others 2013 (3) SA 254 (GSJ) had to decide, amongst other things, whether it is possible for a sole trustee of a trust to become the sole beneficiary at the …

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Personal liability of directors

In Bellini v Paulsen and Another [2013] 2 All SA 26 (WCC) the court was asked to interpret and give meaning to the phrase ‘conducting the business of a company recklessly and fraudulently’, contemplated in s 424 of the Companies …

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Deregistration and reinstatement of a company

In Fintech (Pty) Ltd v Awake Solutions (Pty) Ltd and Others 2013 (1) SA 570 (GSJ), it was held that a High Court could exercise its inherent jurisdiction to validate an act of a company that it had performed in …

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“Reasonable prospect” of business rescue is required

In Oakdene Square Properties (Pty) Ltd and Others v Farm Bothasfontein (Kyalami) (Pty) Ltd and Others 2013 (4) SA 539 (SCA) it was held that, according to s 128(1)(h) of the the Companies Act, ‘rescuing the company’ meant ‘achieving the …

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Abuse of business rescue process

In Absa Bank Limited v Newcity Group (Pty) Ltd and Another Related Matter [2013] 3 All SA 146 (GSJ) the court reiterated the following general principles applicable to business rescue applications, namely: •The threshold standard for deciding that a business …

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Contract Law

Authority of agent to bind juristic person

In Africast (Pty) Ltd v Pangbourne Properties Ltd [2013] 2 All SA 574 (GSJ) the court considered a written contract signed by representatives of the parties to determine the existence of authority of the defendant’s signatories to bind it (Pangbourne) …

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Warranty against latent defect

In Banda and Another v Van der Spuy and Another 2013 (4) SA 77 (SCA) the owners of a house with a leaking thatched roof sold the house without disclosing the fact that the repairs to the roof had not properly rectified the …

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Place of payment

In Bush and Others v BJ Kruger Incorporated and Another [2013] 2 All SA 148 (GSJ) the court held that payment by means of an electronic funds transfer (EFT) occurs when the party entitled to the payment actually receives the …

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Insolvency/Bankruptcy Law

Winding-up of company

In FirstRand Bank Ltd (“FirstRand”) v Lodhi 5 Properties Investment CC (“Lodhi”) 2013 (3) SA 212 (GNP) the court held that there is no indication in the 2008 Act that the legislature intended, particularly as it left s 345 of …

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Application for provisional sequestration

In FirstRand Bank Ltd (“FirstRand”) v Janse van Rensburg and a Related Matter (“JR”) [2012] 2 All SA 186 (ECP) FirstRand sought provisional sequestration orders against JR, who were married to each other out of community of property. FirstRand relied …

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Latest News

Ownership of funds deposited into the customer’s account

In Trustees, Estate Whitehead (“Whitehead”) v Dumas andmoo

Phishing scam

In Roestoff v Cliffe Dekker Hofmeyr Inc 2013moo

Set-off of money in bank account

The facts in Standard Bank of South Africamoo

Sole trustee and beneficiary

The court in Groeschke v Trustee, Groeschke Familymoo

Contact

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Email: shaun.nel@shaunnel.co.za