, MRL3701 Assignment 2 (COMPLETE ANSWERS)
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, the following legal effects will arise for Bongani, as
outlined under the Insolvency Act 24 of 1936 (South African
law):
1. Loss of Control over Estate
Bongani will lose legal control over his estate.
His assets and financial affairs will be managed by a
trustee appointed by the Master of the High Court.
He will no longer be able to enter into contracts that
affect his estate without the trustee’s consent.
2. Vesting of Estate in the Trustee
All of Bongani’s assets, including his flat and motor vehicle,
will vest in the trustee.
The trustee will take control of the assets, sell them, and
use the proceeds to pay creditors in accordance with the
legal ranking of claims.
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, the following legal effects will arise for Bongani, as
outlined under the Insolvency Act 24 of 1936 (South African
law):
1. Loss of Control over Estate
Bongani will lose legal control over his estate.
His assets and financial affairs will be managed by a
trustee appointed by the Master of the High Court.
He will no longer be able to enter into contracts that
affect his estate without the trustee’s consent.
2. Vesting of Estate in the Trustee
All of Bongani’s assets, including his flat and motor vehicle,
will vest in the trustee.
The trustee will take control of the assets, sell them, and
use the proceeds to pay creditors in accordance with the
legal ranking of claims.
