Intramed (Pty) Ltd (in liquidation) and Another v Standard Bank of South Africa Ltd and Others

Intramed (Pty) Ltd and its holding company, Macmed Health Care Ltd, were liquidated after a major commercial collapse. Standard Bank proved a claim of over R107 million against Intramed based on a suretyship for Macmed’s debts. At the request of the liquidators, the Master expunged the bank’s claim on the basis of alleged lack of authority. The liquidators then sued the bank for funds allegedly due to Intramed. The bank counterclaimed for its expunged claim, which was upheld by the Johannesburg High Court, with an order that Intramed pay the capital amount plus interest a tempore morae, and a declaration that the claim was secured. After receiving dividends, the bank applied to the Grahamstown High Court for removal of the liquidators. The liquidators objected, contending that the bank was no longer a creditor and thus lacked locus standi.

The appeal was dismissed with costs, including the costs of two counsel.

The case clarifies the meaning of interest a tempore morae in the context of liquidated claims in insolvency, affirms that reinstatement of an expunged claim restores creditor status with associated rights, and confirms that locus standi in liquidation proceedings depends on substantive creditor status rather than formal expungement.