Nedbank blown in high court appeal involving Cape Town Fish Market

Written by Ciaran Ryan. Posted in Journalism

There was much argument as to the meaning of the word ‘towards’, as Nedbank attempted to claim more than the amount agreed with and paid by the liquidated branch of the restaurant chain. From Moneyweb.

The word featured in a ‘Deed of settlement’ in which no provision was made for any future payments. Image: Shutterstock
The word featured in a ‘Deed of settlement’ in which no provision was made for any future payments. Image: Shutterstock

The Polokwane High Court didn’t buy Nedbank’s attempt to claim more than the R800 000 it agreed to in terms of a settlement agreement with the liquidated Cape Town Fish Market Polokwane.

The case originally went the way of the bank, but was overturned last month on appeal.

When the Cape Town Fish Market (CTFM) in Polokwane was placed in liquidation in 2017, it ended up owing Nedbank nearly R1.5 million under a term loan and a current account.

Three parties signed sureties for the loans – Charles and Amanda Stopforth and Busesi Investment 183, the defendants in the case. They signed a deed of settlement with the bank to make payment of R800 000 on or before September 30, 2017, in which case Nedbank would forego any legal action against them for the debt.

Read: Nedbank’s results: Weak economy knocking financial services

Nedbank claimed this was just part-payment and that it was entitled to claim the balance outstanding.

Different understanding

The defendants had a completely different understanding of the agreement: that the R800 000, which was paid before the due date, was in full and final settlement of any and all claims against them.

Ciaran Ryan

The Writer's Room is a curated by Ciaran Ryan, who has written on South African affairs for Sunday Times, Mail & Guardian, Financial Mail, Finweek, Noseweek, The Daily Telegraph, Forbes, USA Today, Acts Online and Lewrockwell.com, among others. In between he manages a gold mining operation in Ghana, and previously worked in Congo. Most of his time is spent in the lovely city of Joburg.