'Tricky debtor' to lose two properties

School furniture entrepreneur Bongile Nkola’s home and another family property can be sold off to settle a million rand debt he has long owed the Argent Steel Group‚ the Supreme Court of Appeal has ruled.

Nkola‚ whom the SCA referred to as a “tricky debtor”‚ dodged his debt to Argent Steel for over six years‚ twice reneging on payment plans.

Nkola has now fought Argent Steel in the East London High Court‚ a full bench of the Grahamstown High Court and the SCA – all of which have concluded that Argent Steel was left with little choice but to execute against two residential properties he owned to recover the debt.

SCA judge Carol Lewis questioned why Nkola had not himself disposed of his other significant assets to pay the debt he owed Argent instead of placing the onus on the company.

“He had the means to avert the execution of the judgment debt and chose not to pay his admitted liability.”