Debt Recovery

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Now Creditors Can Apply for Directors to be Declared Delinquent – Why is That Important?

Company / Corporate / Compliance, Debt Recovery /

“He who is quick to borrow is slow to pay” (Old proverb) A recent High Court decision means that, for the first time, creditors of debtor companies are specifically cleared to apply for the company’s directors to be declared “delinquent” in certain circumstances. And that has significant implications for both directors and creditors. For directors […]

Now Creditors Can Apply for Directors to be Declared Delinquent – Why is That Important? Read More »

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Don’t Give a Loan or Credit to Anyone (Not Even a Friend) Without Legal Advice!

Debt Recovery /

“The requirement that credit providers must be registered allows for their control and regulation, especially in relation to their financial probity and integrity, thereby avoiding the unscrupulous exploitation of credit consumers by so-called fly-by-night operators and loan sharks.” (Extract from judgment below) A recent High Court case highlights once again the dangers of lending money,

Don’t Give a Loan or Credit to Anyone (Not Even a Friend) Without Legal Advice! Read More »

Proving Your Claim in a Liquidation or Sequestration – When You Should, and When You Shouldn’t

Debt Recovery, Insolvency / Liquidation /

“A small debt produces a debtor; a large one, an enemy” (Publilius Syrus, Roman writer) You are owed money by a debtor, whose “insolvent estate” is “sequestrated” (in the case of an individual or trust) or “liquidated” (in the case of a company or other corporate).  The Master of the High Court appoints a “trustee”

Proving Your Claim in a Liquidation or Sequestration – When You Should, and When You Shouldn’t Read More »

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Lending to a Friend or Selling Property on Credit – Must You Register as a Credit Provider?

Business, Debt Recovery, Property /

“Neither a borrower nor a lender be For loan oft loses both itself and friend” (Shakespeare)   It seems logical that the very strong consumer protections in the NCA (National Credit Act) are designed for commercial situations in which credit is advanced by “credit provider” businesses to “credit consumers”. But does the NCA also apply

Lending to a Friend or Selling Property on Credit – Must You Register as a Credit Provider? Read More »

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When is a Debtor “Insolvent”? A Case of Arrear Maintenance Illustrates

Debt Recovery, Family Law, Insolvency / Liquidation /

“To my mind the best proof of solvency is that a man should pay his debts” (quoted in the judgment below) If you are owed maintenance you have a variety of enforcement options open to you and should ask your lawyer for advice on which is the best for your particular claim and circumstances. A

When is a Debtor “Insolvent”? A Case of Arrear Maintenance Illustrates Read More »

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Your Body Corporate and Arrear Levies: To Sequestrate or Not To Sequestrate?

Debt Recovery, Insolvency / Liquidation, Litigation, Property /

“…aye, there’s the rub” (Shakespeare) Levies are the lifeblood of a sectional title scheme, and the Body Corporate has a duty to recover arrears from defaulting owners. It has the power, in addition to following standard debt collection procedures and perhaps approaching the Community Schemes Ombud for assistance, to apply for the sequestration of the

Your Body Corporate and Arrear Levies: To Sequestrate or Not To Sequestrate? Read More »

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Lending Money Repayable “On Demand”: Beware Prescription!

Credit Law, Debt Recovery, Litigation /

“…prescription started its deadly trudge on the day the loan at issue in these proceedings was advanced” (extract from judgment below) You will know that most debts prescribe (become unclaimable) after 3 years, so as a creditor you need to know exactly when it starts running. From that moment on, the clock is ticking… A recent Constitutional Court

Lending Money Repayable “On Demand”: Beware Prescription! Read More »

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