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Another creditor acts against Realcor

Publish date: 23 March 2011
Issue Number: 2763
Diary: Legalbrief Today
Category: Litigation

Another creditor is taking on the besieged Realcor property group in the Western Cape High Court.

According to a report in Die Burger , II Incentives claims Realcor Holdings owes the company R14.4m in terms of a loan and that not a single repayment has been received since the loan was agreed to in June 2010. Judge Chantel Fortuin ordered that II Incentives may continue, within the framework of the Banks Act, to attach Realcor assets. Absa is asking for the liquidation of Realcor Holdings. Chief executive Deonette de Ridder argues that Absa has no right to do this as Realcor has been placed under the management of the Reserve Bank. More than 3 300 investors paid R650m towards Realcor's Radisson Blu hotel in Bloubergstrand. The company has fallen behind with payments to investors and allegedly owes SARS R15m, another R48m to Wesbank and R28m to Standard Bank. Full report in Die Burger