Exam (elaborations)
MRL3701 Assignment 2 [Detailed Answers] Semester 1 - Due: 9 April 2024
- Course
- MRL3701
- Institution
- University Of South Africa (Unisa)
MRL3701 Assignment 2 [Detailed Answers] Semester 1 - Due 9 April 2024
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MRL3701ASSIGNMENT 2 (SEMESTER 1)
DUE DATE: 9 April 2024
Written Assignment Submission Guidelines:
Please ensure that your assignment is submitted electronically through the myUnisa platform no
later than 9 April 2024. Kindly note that fax or email submissions will not be accepted.
NB: Assignment submitted to the lecturer(s) through email will not be considered.
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,
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)
Answer:
To obtain a court order for the sequestration of a debtor's estate, the applicant must prove the following
requirements:
1. Jurisdiction: The applicant must establish that the court has jurisdiction over the debtor's domicile
or residence. This ensures that the court has the authority to adjudicate the matter.
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