NamPro Fund, JJD in N$20m court battle
Couple ordered to cough up millions
In an affidavit, Ndilula said Johnny Doeseb and his wife Margreth are "commercially and factually insolvent".
NamPro Fund Namibia is suing Walvis Bay-based businessman Johnny Doeseb and his wife Margreth over their business’ failure to honour a lease agreement undertaken in 2013.
In court papers filed recently, NamPro trustee Kauna Ndilula said JJD Earthmoving committed various material breaches of the agreement concluded with a trust of the fund and failed to effect punctual payments.
This, she said, forced the trust to serve the company with a notice of breach of contract in December 2017.
In August 2018, the High Court ordered Doesebs to pay the trust N$21.6 million, while they were ordered to pay an additional N$752 000 in October 2018.
This after an earlier successful suit by the trust included a High Court order that the couple pay the trust N$2.1 million.
Failure to pay
In terms of the agreement, Doeseb and his wife bound themselves as surety and co-principal debtors with JJD Earthmoving and committed to honour a monthly instalment of N$912 261, in addition to N$5 000 to the trust as a monthly facility fee.
In 2018, the trust instituted proceedings and sought relief in the amount of N$21.6 million plus 2% interest at a rate of 2% per month from 13 August 2018 to date of final payment, the return of assets or, in the alternative, payment of N$752 000 plus interest at the rate of 20% per annum.
In the second instance, the trust claimed that it lent JJD Earthmoving N$4.2 million.
In her affidavit, Ndilula said other creditors had obtained favourable orders against the duo who are, however, unable to honour their dues. The Doesebs owed Adcon N$159 024, Standard Namibia N$814 930 and Gruhn Builders CC N$432 085 between 2016 and 2018, she said.
“It is clear that the respondents are unable to pay their debts as and when they fall due for payment and it would appear their liabilities exceed their assets. The respondents are accordingly both commercially and factually insolvent,” she said.
Demands for forfeiture of assets
The trust is also gunning for properties owned by the couple registered in Omaruru and Walvis Bay. The first property sought in Omaruru measures 3 472 square metres (sqm) and is bounded to Agribank Namibia in the amount of N$1 600, while the second property, situated in Walvis Bay’s Kuisebmond, measures 318 sqm.
“It is respectfully submitted that there is a reason to believe that it will be to the advantage of creditors if the estate is sequestrated,” Ndilula said.
“The trustee will be able to unearth all the respondents’ assets, which could yield a benefit to the applicant and other creditors, she added.
In court papers filed recently, NamPro trustee Kauna Ndilula said JJD Earthmoving committed various material breaches of the agreement concluded with a trust of the fund and failed to effect punctual payments.
This, she said, forced the trust to serve the company with a notice of breach of contract in December 2017.
In August 2018, the High Court ordered Doesebs to pay the trust N$21.6 million, while they were ordered to pay an additional N$752 000 in October 2018.
This after an earlier successful suit by the trust included a High Court order that the couple pay the trust N$2.1 million.
Failure to pay
In terms of the agreement, Doeseb and his wife bound themselves as surety and co-principal debtors with JJD Earthmoving and committed to honour a monthly instalment of N$912 261, in addition to N$5 000 to the trust as a monthly facility fee.
In 2018, the trust instituted proceedings and sought relief in the amount of N$21.6 million plus 2% interest at a rate of 2% per month from 13 August 2018 to date of final payment, the return of assets or, in the alternative, payment of N$752 000 plus interest at the rate of 20% per annum.
In the second instance, the trust claimed that it lent JJD Earthmoving N$4.2 million.
In her affidavit, Ndilula said other creditors had obtained favourable orders against the duo who are, however, unable to honour their dues. The Doesebs owed Adcon N$159 024, Standard Namibia N$814 930 and Gruhn Builders CC N$432 085 between 2016 and 2018, she said.
“It is clear that the respondents are unable to pay their debts as and when they fall due for payment and it would appear their liabilities exceed their assets. The respondents are accordingly both commercially and factually insolvent,” she said.
Demands for forfeiture of assets
The trust is also gunning for properties owned by the couple registered in Omaruru and Walvis Bay. The first property sought in Omaruru measures 3 472 square metres (sqm) and is bounded to Agribank Namibia in the amount of N$1 600, while the second property, situated in Walvis Bay’s Kuisebmond, measures 318 sqm.
“It is respectfully submitted that there is a reason to believe that it will be to the advantage of creditors if the estate is sequestrated,” Ndilula said.
“The trustee will be able to unearth all the respondents’ assets, which could yield a benefit to the applicant and other creditors, she added.
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