Name: MRL3701 ASSIGNMENT 1 – SEMESTER 1 (2025) – DUE 25 MARCH 2025 📚 ✍️✨ - StudyPass
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MRL3701 ASSIGNMENT 1 – SEMESTER 1 (2025) – DUE 25 MARCH 2025 📚 ✍️✨

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QUESTION 1

Thabo owes an amount of R2 567 374.00 to his creditors. Since Thabo’s retrenchment by his long-standing 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, Maria 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 of his creditors apply for the sequestration of his estate, his family members would not suffer any financial loss.

With the above in mind, discuss whether Maria is likely to be successful in an application for a court order for the sequestration of Thabo’s estate. Include in your discussion the requirements she must prove to succeed with such an application.

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SUGGESTED ANSWER TO ASSESSMENT 1

Introduction:

Maria, as a creditor, seeks to apply for the sequestration of Thabo’s estate. In terms of The Insolvency Act 24 of 1936, she must meet certain legal requirements for a successful application. This discussion examines the relevant legal principles, applies them to the facts, and determines the likelihood of success in sequestrating Thabo’s estate.

The requirements for Maria to sequestrate Thabo’s estate:

Liquidated Claim: Maria must possess a liquidated claim of at least R100.
Insolvency or Act of Insolvency: Thabo must be either factually insolvent (liabilities exceeding assets) or have committed an act of insolvency.
Advantage to Creditors: There must be a reasonable belief that sequestration will benefit the creditors.

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Description

🔥 DISTINCTION GUARANTEED! 🚀📖

✅ Get the best study materials to ace your assignment! 🎯💯

SUGGESTED ANSWER TO ASSESSMENT 1

Introduction:

The requirements for Maria to sequestrate Thabo’s estate:

Liquidated Claim: Maria must possess a liquidated claim of at least R100.

Insolvency or Act of Insolvency: Thabo must be either factually insolvent (liabilities exceeding assets) or have committed an act of insolvency.

Advantage to Creditors: There must be a reasonable belief that sequestration will benefit the creditors.

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