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Surety

Business rescue proceedings and liability for sureties

When the news breaks that a potential debtor, which is being pursued via litigation, files for business rescue the first question a client ask is if recourse is still available against a surety relating to such debt that forms the basis of that claim. In terms of Chapter 6 of the Companies Act 71 of

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The importance of vetting tenants and sureties

It is a well-known fact by experienced landlords that defaulting tenants can wreak havoc. Virtually all of the problems the landlord face with its tenants, can be limited and/or eliminated through a good screening process. Getting this wrong may hold devastating consequences for a landlord. Not all tenants and their sureties are equal and for

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Requirements for a valid Deed of Suretyship

Most prudent creditors require of their debtors to provide a surety, someone who will be bound as co-debtor, in the event of the debtor not performing his obligations in terms of the agreement. We have, in the past, been forced to advise clients that we would be unable to enforce a deed of suretyship, due

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