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Sequestration INFORMATION SUBSTANTIVE REQUIREMENTS
A person is insolvent when he/she lack funds to pay his/her monthly debts.The requirement is that the debtor owns realizable property and that it will be to the advantage of his creditors. This will be treated as a voluntary surrender application. The advantage for creditors is obtained through realizable property, or cash available. It will be to the advantage of creditors when the value of such property is sufficient to ensure that after allowing for referent and secured claims fully, there will be an amount available to discharge the costs in the administration of the sequestration, as well as an amount equal to a minimum of 20 cents in the rand, in respect of concurrent claims.  (Scroll down to access the links on additional information on the bottom left of this page) |