Exam (elaborations)

MRL3701 ASSIGNMENT 2 MEMO - SEMESTER 1 - 2024 UNISA – DUE DATE: - 9 APRIL 2024 (DETAILED ANSWERS WITH FOOTNOTES AND A BIBLIOGRAPHY - DISTINCTION GUARANTEED!)

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Course
Insolvency law

Institution
University Of South Africa (Unisa)

Book
Hockly\'s Insolvency Law

MRL3701 ASSIGNMENT 2 MEMO - SEMESTER 1 - 2024 UNISA – DUE DATE: - 9 APRIL 2024 (DETAILED ANSWERS WITH FOOTNOTES AND A BIBLIOGRAPHY - DISTINCTION GUARANTEED!) Question Wandile owes a total of R3 million to various creditors. His creditors include Zozo to whom he owes R400 000. He also owes ...

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mrl3701 assignment 2 memo semester 1 2024 unis

Book Title:Hockly\'s Insolvency Law

Author(s):Alastair Smith

Edition:2002
ISBN:9780702159145
Edition:Unknown

Institution
University of South Africa (Unisa)
Course
Insolvency law

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MRL3701
INSOLVENCY LAW

ASSIGNMENT 2 MEMO
SEMESTER 1 – 2024 - UNISA

UNIQUE NUMBER: - 883082
DUE DATE: - 9 APRIL 2024
Includes Footnotes and/or Bibliography.

ASSIGNMENT PREVIEW
Wandile owes a total of R3 million to various creditors. His creditors include Zozo to whom
he owes R400 000. He also owes R1,3 million to DRG Bank. Last year Wandile invested in
a get-rich-quick scheme as a result of which he lost a lot of money. This left him in a dire
financial situation. By 31 October 2023 his liabilities exceeded his assets by R800 000.
Over the past few months Wandile has failed to pay some of his debts. In particular he
failed to pay the R400 000 he owes to Zozo. This debt was due and payable on 1 February
2024. Disappointed at not having been paid back the R400 000 owed to her, Zozo
undertook an investigation into Wandile’s financial situation. The investigation turned up
unassailable proof that Simphiwe had owed R100 000 to his father-in-law, and that
Simphiwe repaid R80 000 to his father-in-law on 3 February 2024…continues…
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, Question

Wandile owes a total of R3 million to various creditors. His creditors include Zozo
to whom he owes R400 000. He also owes R1,3 million to DRG Bank. Last year
Wandile invested in a get-rich-quick scheme as a result of which he lost a lot of
money. This left him in a dire financial situation. By 31 October 2023 his liabilities
exceeded his assets by R800 000. Over the past few months Wandile has failed to
pay some of his debts. In particular he failed to pay the R400 000 he owes to Zozo.
This debt was due and payable on 1 February 2024. Disappointed at not having
been paid back the R400 000 owed to her, Zozo undertook an investigation into
Wandile’s financial situation. The investigation turned up unassailable proof that
Simphiwe had owed R100 000 to his father-in-law, and that Simphiwe repaid R80
000 to his father-in-law on 3 February 2024. Mindful that he was technically
insolvent and that one of his creditors could apply for the sequestration of his
estate at any time, Simphiwe had wanted to ensure that whatever happened, his
father-in-law would at least get something from his estate. Hence, he repaid the
loan that he had obtained from his father-in-law even though the amount was only
due and payable on 30 November 2024. Zozo has established that Wandile owns a
house in Mamelodi valued at R700 000, household furniture valued at R300 000 and
a motor vehicle valued at R800 000. Zozo is planning to apply for the sequestration
of Wandile’s estate.

Answer the following questions based on the facts given above:

a. Discuss the requirements that an applicant must prove in order to obtain a court
order for the sequestration of a debtor’s estate. (3)

b. Discuss whether Zozo may successfully apply for a court order for the
sequestration of Wandile’s estate. (5)

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Exam (elaborations)

MRL3701 ASSIGNMENT 2 MEMO - SEMESTER 1 - 2024 UNISA – DUE DATE: - 9 APRIL 2024 (DETAILED ANSWERS WITH FOOTNOTES AND A BIBLIOGRAPHY - DISTINCTION GUARANTEED!)

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