Abil’s sale of Stangen is essential as liquidation may hit all stakeholders

All in a day’s work…

http://www.bdlive.co.za/business/financial/2015/10/01/news-analysis-abils-sale-of-stangen-is-essential-as-liquidation-may-hit-all-stakeholders

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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