Sequestrated businessman addresses ruling
Businessman Nicky van der Walt has broken his silence amid his legal battle over R3.3m debt.
As previously reported, the Western Cape High Court last week placed his estate in provisional sequestration after an application by Mel Properties 100, a company owned by Walter Hennig.
Van der Walt's Tang restaurant has premises at the V&A Waterfront in Cape Town, Nelson Mandela Square in Sandton and more recently in Dubai.
TimesLIVE reports that Van der Walt said he was ‘blindsided’ by Hennig’s ongoing financial and legal difficulties, which is what led him into the situation.
‘Mr Van der Walt intends to settle the outstanding debt in full before September 29, thereby bringing finality to the matter. The dispute arises from a co-suretyship agreement entered into by Mr Van der Walt alongside Mr Walter Hennig, the ultimate beneficial owner of Mel Prop 100, to secure additional funding for the Ritz construction project, where Mr Hennig was the majority shareholder,’ Van der Walt's legal team said in a statement.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
