Approval of a Business Rescue Plan in respect of a Principal Debt releases the Surety unless the Suretyship states otherwise

In the recent decision of Tuning Fork (Pty) Ltd v Greeff, the Western Cape High Court has found that, where a principal debt is compromised in terms of an approved business rescue plan, a surety in respect of whom such principal debt was accessory, is released unless the suretyship provides otherwise.

A copy of the Judgment of Rogers J can be downloaded here:

Tuning Fork v Greeff

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