, 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 on 30 April 2025. and that Thabo had made an early repayment in
full to his cousin on 29 January 2025. Thabo had wanted to ensure that
should one o f his creditors apply for the sequestration of his estate. his
family members would not suffer any financial loss. With the above in
mind, d a court order for the iscuss whether Maria is likely to be
successful in an application for sequestration of Thabo's estate. Include
in your discussion the requirements she must prove to succeed with such