The putting in default

"It is a basic legal principle that a debtor must execute his obligations at the time and in the manner agreed upon. As a legal corollary to this stateinent one may add that a debtor wlzo is tardy in fulfilling his obligations. or who does not execute thein exposes himself to a recourse in damages. Nevertheless, under Quebec civil law, before the claim in dainages will succeed, the claimant must not only establish that a prejudice has been suffered, but also that said debtor was in default. Thus, one of the effects of default is to give rise to an action for daniages. [...]"

Business · Corporate Insolvency and Governance · Legal Issues in South Africa · Legal principles and applications