oa Litnet Akademies : 'n Joernaal vir die Geesteswetenskappe, Natuurwetenskappe, Regte en Godsdienswetenskappe - Vonnisbespreking : nog ’n vriendskaplike-sekwestrasie-aansoek sneuwel

Volume 15 Number 3
  • ISSN : 1995-5928



Another friendly sequestration application bites the dust

Botha is one of many friendly sequestration applications that was dismissed because the applicant failed to prove that it would be to the advantage of creditors to sequestrate the respondent-debtor’s estate. Daffue J suggested that Botha was a typical case where the debtor should rather have pursued his rights regarding debt review under the National Credit Act (NCA) 34 of 2005 in order to find a way out of his financial dilemma. However, unlike the position regarding rehabilitation after sequestration under the Insolvency Act 24 of 1936, debt review does not provide for any discharge of debt, since the NCA’s objective of providing debt relief is subject to the principle of satisfaction by the debtor of all financial obligations.

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