MRL3701 ASSIGNMENT 2 SEMESTER 1 2024 - DUE 9 April 2024 ... 100 % TRUSTED workings, explanations and solutions. For assistance call or W.h.a.t.s.a.p.p us on +/ 2/ 5/ 4 /7 /7 /9 /5 /4 /0 /1 /3 /2 .
Wandile owes a total of R3 million to various creditors. His creditors include Zozo to whom he owes...
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LIBRARYpro. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,75. You're not tied to anything after your purchase.