MRL3701 - STUDY UNIT 22 - WINDING UP COMPANIES QUESTIONS WITH VERIFIED ANSWERS
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University of South Africa
Insolvency Law
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, MRL3701 Assignment 1 (COMPLETE ANSWERS)
Semester 1 2025 - DUE 25 March 2025; 100% TRUSTED
Complete, trusted solutions and explanations.
Maria approaches you for advice. He informs you that his
brother, Eric, owes him R24,000 for pool cleaning services
rendered by his company. Maria explains to you that despite
various attempts to get Eric to pay his debts, he has yet to make
any payment. Martin is especially upset because he has heard a
rumour that Eric owes money to several people, amongst them a
mutual best friend, Kenneth. Kenneth informed Martin that Eric
wrote him a letter stating that he is unable to pay his debts to
him (Kenneth) and asked in the letter whether they could make
arrangements to pay him back in instalments. Martin now wants
to know from you whether you can assist him to apply for the
compulsory sequestration of Eric‘s estate. Thabo owes an
amount of R2 567 374.00 to his creditors. Since Thabo's
retrenchment by his longstanding employer in March 2024,
Thabo has been experiencing ongoing financial difficulty. He
has failed to pay his debts over the past few months, and since
30 November 2024 his liabilities have exceeded his assets.
Maria is one of Thabo's creditors, who is owed an amount of
R320 000 by Thabo. Thabo's debt to Maria was due and payable
on 5 January 2025, but Thabo failed to pay the debt.
Disappointed at this. Mari a undertook an investigation into
Thabo's financial affairs. She has established that Thabo owns
an apartment valued at R2 250 000 and furniture valued at
R300.000. She has also discovered that Thabo had owed his
cousin an amount of R400,000, which was due and payable only
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