TRUST HOLDINGS LIMITED versus PETER BAILEY and ZIMBABWE ALLIED BANKING GROUP

Key Issues

• {"issue_text":"Whether the curator and respondents acted lawfully in selling the bank's assets to ZABG under section 55 of the Banking Act","issue_type":"law","dispositive":"yes","related_facts":"The curator sold assets under Banking Act; no declaration under new Act; applicant challenged legality"}
• {"issue_text":"Whether the applicant has standing to seek an interdict to restrain the transfer of assets","issue_type":"procedural","dispositive":"yes","related_facts":"Applicant is sole shareholder; bank is separate entity; assets already transferred"}
• {"issue_text":"Whether the applicant should have exhausted domestic remedies under section 55(4) before coming to court","issue_type":"procedural","dispositive":"yes","related_facts":"Section 55(4) provides appeal to Reserve Bank; no explanation for not using it"}
• {"issue_text":"Whether the applicant is entitled to the final relief sought","issue_type":"law","dispositive":"yes","related_facts":"Declaration of unlawfulness; restraining transfer; restoring signage; vacating premises"}

Background