REPORTABLE

IN THE HIGH COURT OF SOUTH AFRICA 
WESTERN CAPE HIGH COURT, CAPE TOWN
CASE NO.: 7038/2007
In the matter between

and

JUDGMENT DELIVERED ON 01 JUNE 2009

MOLOI, AJ

[1] During 2002 a close corporation of which the plaintiff was a sole member, Tiradeprops 1195 CC, acquired a piece of land situated at Erf 3409 Noordhoek to be known as 14 Belvedere Close, Noordhoek for the purpose of developing it into a residential property. At the time the plaintiff and the defendant lived together in a long-term relationship at an address in Wynberg. The parties agreed to the defendant acquiring a members interest in the close corporation and, eventually, 30% members interest was allotted to the defendant. Both parties contributed to the development of the property in respect of bond repayments and building costs and jointly occupied the property.

[2] In February 2003 the parties ended their personal relationship and the defendant vacated the Noordhoek property. The parties could not agree on how to dissolve the close corporation until April 2003 when they agreed to seek the assistance of a mutual friend and experienced businessman, one Kampers, to effect the dissolution of the close corporation. Kampers suggested, and the parties accepted, the following mechanism to resolve the issue, namely, that a fair and equitable determination of the nett asset value of the close corporation be made and thereafter calculate the defendant's 30% members interest to be paid out by the plaintiff to the defendant. In order to achieve this, two steps were to be taken, i.e.
a)	the nett asset value of the corporation was to be assessed based on the average valuation of the property from at least three reputable estate agents operating in the Noordhoek area;    and
b)	the nett value of the parties' loan accounts was to be assessed by making calculations of their respective contributions to the bond and building costs of the property.

To this end the plaintiff and the defendant were to collect the relevant information and submit it to Kampers to do the required calculations. The information so collected was to be handed to Kampers at a meeting to be held on 31 May 2003. This date forms the basis of the dispute between the parties. This agreement was oral.

Current Account figures from Sara". Settlement is an agreement resolving a dispute and can only be reached by negotiation.

As a consequence the plaintiff's claim is dismissed, with costs.