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Big win for banks against sureties in context of business rescue

04 December 2014

On 1 December 2014 the Supreme Court of Appeal (SCA) delivered what should be the final word (unless a constitutional court challenge is launched) on how courts will treat sureties who had stood and provided security for the debts of a company (principal debtor) that subsequently went into business rescue and had a business rescue plan adopted. Grant Ford, Director and Regional Practice Head of the Dispute Resolution practice at Cliffe Dekker Hofmeyr notes that up until this point, the question had been whether such suretyships remain unaffected and enforceable. The 1 December judgment, New Port Finance Company (Pty) Ltd and others v Mostert and others, is now set to have far-reaching consequences in the banking and finance arena and should provide a great deal of comfort to lenders.

Household insurance – Break-in by physical damage required

27 November 2014

A policy that indemnifies household contents insured for a break-in or theft that requires the observer to “see physical damage” will compensate the insured only if physical damage can be seen by the insurer after the event.

Cyber-risk loss: what should board members do?

21 November 2014

Cyber-risk has become the most significant concern for today’s boards. How does a company protect itself and how does a board deal with it?

PI is necessary but so is avoiding the courts altogether

20 November 2014

There used to be an unofficial public awards category in the US called the Stella Awards. These awards were assigned to the weirdest and wackiest court cases which took place during the year. In fact, there is a long standing joke that in America you can be taken to court for just about anything.

quick poll

Question

Do you think short-term insurance broking will survive the AI plus humanoid robotics age?

Answer

Human first always Not a chance Possibly maybe Yes, but reimagined

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