Benami transaction and beneficial ownership: documentary and circumstantial evidence show payors were true beneficiaries, resulting in PBPTA consequen...
Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
Continuing offence of money-laundering: discharge set aside and proceedings reinstated where laundering continued after inclusion of predicate offence...
Direct disbursement to the corporate debtor is not mandated for classification as financial debt; funds advanced on behalf of or for the benefit of the corporate debtor may satisfy the disbursement element depending on the contractual and factual matrix. A covenant to pay in supplemental mortgage deeds, read with the debenture trust deed and related documents, operates as an enforceable contract of guarantee converting the claim into a secured financial debt. Substance of the transaction (express payment undertaking and joint-and-several liability) governs classification, and the matter is remitted for fresh adjudication consistent with these principles.
Direct disbursement to the corporate debtor is not mandated for classification as financial debt; funds advanced on behalf of or for the benefit of the corporate debtor may satisfy the disbursement element depending on the contractual and factual matrix. A covenant to pay in supplemental mortgage deeds, read with the debenture trust deed and related documents, operates as an enforceable contract of guarantee converting the claim into a secured financial debt. Substance of the transaction (express payment undertaking and joint-and-several liability) governs classification, and the matter is remitted for fresh adjudication consistent with these principles.
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