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The concept of an act of insolvency and the main purpose of section 8 of the Insolvency Act 24 of 1936

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R133,33
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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 de...

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  • Essay
  •  • 5 pages • 
  • by pmweli82 • 
  • uploaded  15-07-2024
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When does a debtor commit the act of insolvency

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R153,33
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The Pretoria High Court has given a judgment of R30 000 against Peter in favour of Jack. Upon the demand of the officer whose duty it is to execute the judgment, Peter fails to satisfy it and also fails to indicate to the officer, disposable property sufficient to satisfy the judgment. The return made by the officer states that he has not found sufficient disposable property to satisfy the judgment. Explain to Jack what the implications of the aforementioned facts may be.

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  • Essay
  •  • 6 pages • 
  • by pmweli82 • 
  • uploaded  15-07-2024
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A void marriage

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R157,33
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Mr and Mrs Mopeli were married out of community of property with application of the accrual system in 2015. Mr Mopeli is a surgeon in a private medical practice. Mrs Mopeli is a lawyer, but she left her legal practice when she married Mr Mopeli and has, ever since, maintained the household and looked after the spouses’ children. Mr Mopeli works long hours. To pass the time between procedures he has started gambling online and has developed a gambling addiction. To hide his gambling from Mrs Mo...

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  • Essay
  •  • 8 pages • 
  • by pmweli82 • 
  • uploaded  15-07-2024
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