, MRL3701 Assignment 2 (COMPLETE ANSWERS)
Semester 2 2025 - DUE 9 September 2025; 100%
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explanations.
If the court grants an order for the sequestration of Bongani’s
estate, it means that he has been declared insolvent and his
estate will be placed under sequestration in terms of the
Insolvency Act 24 of 1936. The effects of this sequestration
order on Bongani are significant and can be grouped as follows:
1. Loss of Control Over Estate (Legal Consequences):
Bongani will lose control over his estate. His assets and
liabilities will be handed over to a trustee, who is
appointed to administer the estate.
The Master of the High Court will appoint a provisional
trustee, and later a final trustee, to take charge of his
estate, sell assets, and distribute proceeds among
creditors.
He may not enter into contracts or manage any part of his
financial affairs relating to the insolvent estate without the
trustee’s consent.
2. Stay on Legal Proceedings by Creditors:
Semester 2 2025 - DUE 9 September 2025; 100%
TRUSTED Complete, trusted solutions and
explanations.
If the court grants an order for the sequestration of Bongani’s
estate, it means that he has been declared insolvent and his
estate will be placed under sequestration in terms of the
Insolvency Act 24 of 1936. The effects of this sequestration
order on Bongani are significant and can be grouped as follows:
1. Loss of Control Over Estate (Legal Consequences):
Bongani will lose control over his estate. His assets and
liabilities will be handed over to a trustee, who is
appointed to administer the estate.
The Master of the High Court will appoint a provisional
trustee, and later a final trustee, to take charge of his
estate, sell assets, and distribute proceeds among
creditors.
He may not enter into contracts or manage any part of his
financial affairs relating to the insolvent estate without the
trustee’s consent.
2. Stay on Legal Proceedings by Creditors:
