The Spar Group has prevailed in its bid to force Tsumeb Hardware CC t/a Built It Tsumeb to pay a debt of over N$20 million for goods, stock, services and ancillary items historically sold and delivered to it.
Built It Tsumeb is not the only Built It to have battled with the Spar Group over debts.
Earlier this year, Business Express reported that Oshikango Build It had pushed through a settlement agreement with the Spar Group in a matter in which the Group had approached the courts to have the northern building supplies retailer liquidated over debt of approximately N$27 million.
Before this, Business Express also reported that the Spar Group Limited had lodged an application with the High Court in which it claimed that Insignia Retail (Pty) Limited trading as Rehoboth Build It had defaulted on their supply agreement and was indebted to the Group to the tune of N$92 million which it was being compelled to pay.
In a recent ruling, the High Court authorised Spar Group to take and/or to retain possession and control of all the movable property and/or movable assets of Built It Tsumeb wherever the same may be situated (Bonded assets), and to retain possession and control of the Bonded Assets as security for so long as the Built It Tsumeb remains indebted to Spar Group and to deal therewith and to dispose thereof in accordance with the powers conferred upon Spar Group under Spar Group ‘s Notarial General Covering Bond BN 2643/2022 registered with the Registrar of Deeds in the Deeds Registry, Windhoek.
The court order seen by Business Express highlights that Built It Tsumeb is directed to permit Spar Group to take and to retain such possession and control.
“This is provided that the foregoing and further provisions of the order are subject thereto that the order shall not have bearing and/or relate to any Bonded Assets as may be subject to judicial attachment on behalf of any party other than Spar Group until such time as such attachment has been released,” reads the Court order in part adding that a Nominee is directed and authorised to take all such steps as may be required by Spar Group in order to give effect to the aforegoing; including to take the aforesaid Bonded Assets into possession and control on behalf of Spar Group.
“This can be done by locking up the business known as “Tsumeb Build It” situated at ERF 566, Hage Geingob Avenue, Tsumeb, Namibia; and any other premises within the Republic of Namibia where any Bonded Assets are situated, or otherwise as the Nominee may deem fit and practical; and by attaching and taking into possession and control any bank account/s and/or other account/s and/or investment/s and/or banking facility/ies and/or credit card machine/s and/ or pay-point system/s and/or rights in respect of any of the Respondent, with any financial services provider and/or bank and/or entity and/or person/s, inclusive also of any rights of accessing and/or controlling such account/s and/or facilities and also inclusive of the records of the Respondent and the pass-word/s and/ or access code/s and/or user name/s and/or user number/s in relation to any of the aforementioned, as held by the Respondent and/or on behalf of the
Respondent and/or in relation to the Respondent by any financial services provider and/or bank and/or entity and/or person/s; provided that the excluded assets shall not be taken into possession,” powers provided by the Court Order further assert.
Furthermore, Spar Group shall be entitled to authorise the Nominee, in its discretion, to release any of the items and/or any certificate/s and/or ledger sheet/s and/or documents under attachment.
“During Spar Group’s possession and/or control of the Bonded Assets pursuant to this order, Spar Group shall, as far as reasonably possible, keep full and proper records of all movable property and/or movable assets of Build It Tsumeb taken into possession and/ or control by Spar Group, of its administration thereof.
This includes the income of and expenditure incurred in respect thereof and/or the proceeds derived there from whilst trading, and account therefore to the Master of the High Court or to the trustee/provisional trustee of Build It Tsumeb, and/or to Build It Tsumeb, upon the occurrence of events which entitle Build It Tsumeb and/or any provisional trustee or trustee of occurrence of events which entitle Build It Tsumeb and/or any provisional trustee or trustee of Build It Tsumeb to redelivery of the aforesaid Bonded Assets, within a reasonable time after written demand,” the Order further highlights.
Notably, a rule Nisi was also issued calling upon Built It Tsumeb, and any other interested party, to show cause, if any, on 19 October 2023 at 09h00, why a final order should not be issued.