Agreement Of Cession

This clause gives practitioners broad powers and, in most cases, would allow the practitioner to suspend a company`s payment obligations as part of an facilitation agreement. It should be noted that the practitioner can only suspend obligations and not the entire contract. It is taken into account that contracts are generally a set of rights and obligations. What the law does not say is that the practitioner has the power to suspend the rights of third parties. The transfer of accounting debts confers on the bank (more generally at the transfer) rights without corresponding obligation of the Cedents. In insurance matters, retrocession agreements are generally subject to a reinsurance or retrocession agreement, and reinsurance principles also apply to protection against handover. In other words, the operating director must not transfer or incriminate assets without the agreement of the secured creditor, unless the revenues are sufficient to appease the secured creditor`s debt and are effectively paid to him immediately. We believe that Section 134 does not apply to the transfer of debtors. A debt to the company in the rescue is not “property” within the meaning of Section 134, because: as noted above, the obligations of a member of the assignment are determined by the law of the nature of the safety instrument that creates security. The authority in this matter is in Bisnath/Absa Bank Limited; Absa Bank Limited/Bisnath and Another [2008] 3 All SA 219 (SCA) in which the SCA has ruled on a number of appeals, in particular on the question of whether the bank, as a borrower holding assets allegedly in possession of assets belonging to a judicial order, should have withdrawn the rents due and due, which should have been the subject of the debt for which a breach had been cancelled. If this is the case, a court order declaring the property executable was wrongly ordered, the complainants argued. The transfer taker in this type of assignment is not required to inform the debtors of the transferor. The transfer director only holds this assignment as collateral, the cleared accounting debts are constantly replaced by new ones.

In Grobbelaar/Oosthuizen 2009 (5) SA 500 (SCA), the Tribunal found that in the event of a transfer of rights, the assignor would lose all rights by issuing these rights to an assignee and, after the transfer, nothing would remain in the transferor (see item 8). This decision was supported by Kritzinger and Another/Standard Bank of South Africa (3034/2013) [2013] ZAFFHS 215 (September 19, 2013) (Kritzinger case). The verdict contains important lessons for the parties and their lawyers who depend on the assignment for security. A claim that must be surrendered must be an existing claim. The debt that leads to the debt is paid. Therefore, if a debt is to be transferred, it is important to ensure that the debt is not repaid before the debt is transferred. As noted above, the SCA has established that a transfer is a bilateral legal act by which the Cedent transfers its rights to the members of the assignment. No formality is required for the agreement of commitment or the deed of surrender itself, although the parties may agree on formalities to which the assignment must be completed.