IN THE HIGH COURT OF SOUTH AFRICA

(CAPE OF GOOD HOPE PROVINCIAL DIVISION)

In the matter of:

and		

and

JUDGEMENT

During May 2007, the respondent, who is a medical doctor and a member of the previously disadvantaged population group, applied to the applicant for finance.   It is common cause that an amount of R450 000 was paid by the applicant to the respondent. It is quite clear that the respondent is not a man of very high moral standing. It is apparent that as at the date of the application for finance and when he received the money, he was already trading in insolvent circumstances.   He held out to the applicant that he was earning between R20 000 and R30 000 per month, when in fact he was banking approximately R500,00 per month.

	
It is equally common  cause between the parties that the figures that were presented to the Court, who heard the matter in the first place, were incorrect.  It is also common cause that there will be no benefit for any creditor other than Absa, being the secured creditor. Absa obviously wants to protect thes ecurity  that  it  has  got  in  terms  of the  bond,  which  is registered over the property.

It is trite that in a situation such as the present, where there is no other benefit to creditors, a creditor cannot simply rely on the fact that further investigation  may or may not reveal certain assets which can be used for distribution amongst the creditors. The applicant must satisfy the Court that there will be some financial benefit to the creditors. In the circumstances I do not believe that the applicant has made out a case which entitles it to a final order and that the intervening creditor's opposition to this application is sound.

TRAVERSO, D J P