South African Insolvency Law a Commentary on the Insolvency Acts No 32, 1916, (to Consolidate and Amend the Laws in Force Relating to the Administrati
This document contains detailed, clear, suggested solutions, and references for MRL3701 Assignment 2, Semester 1, 2024. 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 millio...
,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, his
father-in-law would at least get something 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.
Zozo has established that Wandile owns a house in Mamelodi valued at R700 000,
household furniture valued at R300 000 and a motor vehicle valued at R800 000.
Zozo is planning to apply for the sequestration of Wandile’s estate. 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)
, The court may grant the application for sequestration of the debtor’s estate if the following
requirements are met:
1. The applicant has established a claim which entitles him.1
2. the debtor has committed an act of insolvency or is insolvent.
…..
1 Section 9(1) of the Insolvency Act 24 of 1936.
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