• The administrator must be accorded a wide measure of latitude in the way he goes about the exercise of his powers so as to achieve the statutory purpose.
• Unequal or differential treatment is not necessarily unfair treatment.
• Almost invariably different treatment will require an explanation: but if a cogent rational explanation is put forward then the harm caused is not ‘unfairly’ caused.
• It is not for the court to interfere with such a decision unless it is based on a wrong
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While trade finance is a flexible financing tool, when insolvency strikes, trade finance deals often prove to be the most difficult for lenders to preserve value in assets looked upon as collateral.

• As its predecessor, the TP(RAI)A 2010 allows third parties to bring proceedings directly against liability insurers when the insured is liable to indemnify the third party but has become insolvent.
• Under the new legislation, the third party can bring proceedings against the insurer, and seek information concerning the insurance as soon as the insured is subject to an insolvency event. Previously the liability of the insured had to be established first.
• Defences available to the insurer as against its insured can still be raised against the third party; however, some of technical defences raised by insurers under the 1930 Act have been removed.
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South African Law has been based on a ‘creditor friendly approach’. Inevitably, in terms of the creditor friendly approach the prospect of corporate rescue thinking does not exist and the emphasis is on liquidation and protection of the rights of creditors.