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MRL3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 - DUE 13 September 2024 R47,84
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  5. Insolvency Law - MRL3701

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MRL3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 - DUE 13 September 2024
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MRL3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 - DUE 13 September 2024

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  • July 22, 2024
  • 14
  • 2023/2024
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  • mrl3701 assignment 2 complete answers semester

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, QUESTION: Simphiwe owes a total of R3 million to various
creditors. His creditors include Tebogo to whom he owes R400
000. He also owes R1,3 million to BFN Bank. Last year Simphiwe
invested in a get-rich-quick scheme and as a result 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 Simphiwe has failed to pay some of his debts. In
particular he failed to pay the R400 000 he owes to Tebogo. This
debt was due and payable on 1 February 2024. Disappointed at not
having been paid back the R400 000 owed to her, Tebogo
undertook an investigation into Simphiwe’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 MRL3701 Assessment 2 Semester 2 2024 3
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. Tebogo has also established that
Simphiwe owns a house in Mamelodi valued at R700 000,
household furniture valued at R300 000 and a motor vehicle
valued at R800 000. Tebogo applies for the compulsory
sequestration of Simphiwe’s estate. Answer the following
questions based on the facts given above: (a) Explain the concept
of a voidable preference, and also discuss what a trustee must
prove in order to have such a transaction set aside by the court. (3
marks)

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