“Pyrrhic victory”, n. A very costly victory, wherein the considerable losses outweigh the gain, so as to render the struggle not worth the cost (Wiktionary) With our economic woes unlikely to abate any time soon, expect an increasing number of your debtors to find themselves in financial difficulty. If you end up litigating against any […]
Suing a Debtor – Make Sure Your Victory Isn’t a Hollow One Read More »
“A bank is a place that will lend you money if you can prove that you dont need it” (Bob Hope) A recent High Court decision has settled the knotty question of whether your bank can take money it holds for you in one account to cover your debt to it in another, without your
Can Your Bank Take Your Money Without Permission? Read More »
“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”
“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
“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 »
“…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 »
“…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 »
Your debtor owes you a fortune, but when his estate is sequestrated there is nothing in his own name. However you find out that he is trustee of a wealthy family trust with lots of assets that you think are really his – can you recover from his trust? The answer is yes, you can,
Suing an Insolvent Debtor – Can You Recover from his Trust? Read More »
