The appellant lent R3 050 000 to the respondent in terms of a written loan agreement concluded on 1 September 2007. Clause 2.3 provided that the loan capital would be due and payable within 30 days of the lender’s written demand. The loan was advanced in three tranches during February 2008. No mortgage bond was ever registered as security. No demand for repayment was made until September/December 2013, when emails were exchanged and a statutory demand in terms of s 345 of the Companies Act 61 of 1973 was served. The respondent failed to pay, and the appellant applied for the respondent’s provisional liquidation. The respondent raised prescription as a defence.