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MRL3701 Assignment 1 (COMPLETE ANSWERS) Semester 1 2025 - DUE 25 March 2025
MRL3701 Assignment 1 (COMPLETE ANSWERS) Semester 1 2025 - DUE 25 March 2025
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,MRL3701 Assignment 1 (COMPLETE ANSWERS)Semester 1 2025 - DUE 25 March 2025; 100%
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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 an
application. Explain the conduct above and refer to relevant
legislation.
To address Maria's concerns about the sequestration of Eric and
Thabo's estates, the legal principles governing sequestration
under South African insolvency law, particularly the Insolvency
Act 24 of 1936, must be analyzed. Below is an assessment of
the requirements Maria must meet and an explanation of the
relevant conduct and legal implications.
PART 1: COMPULSORY SEQUESTRATION OF ERIC’S ESTATE
Requirements for Compulsory Sequestration
Maria, as a creditor, must prove the following to succeed with
an application for the compulsory sequestration of Eric’s estate:
1. The applicant has locus standi
Maria must show that Eric owes him at least R100 (the
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