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Tuesday, November 30, 2010

A break in the 86(10) storm ?

The major banks have agreed to a moratorium on 86(10) notices from December 1st 2010 till 1 April 2011. This "gap" should allow the industry time to breath and collect it's breath.

The recent deluge of notices issued may have been an effort by some of these banks to get those terminations in before the moratorium hits. Ironically this may mean that DC's will be dealing with the issued notices well into next year.

This of course will tie in with the result of the wesbank vs Pappier from the Cape Town High Court which the industry is eagerly awaiting.

Should the court rule that matters that are set down cannot recieve 86(10)s then many of the issued 86(10)s will not be valid anyway.However the industry will only benefit from a reduction in these termiantion letters which frighten clients and creat e huge amounts of time consuming work for all parties.

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