FESI AND ANOTHER v ABSA BANK LTD 2000 - FESI AND ANOTHER v ABSA BANK LTD 2000(1 SA 499(C Facts This is an ex parte application for the surrender of the

FESI AND ANOTHER v ABSA BANK LTD 2000 - FESI AND ANOTHER v...

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FESI AND ANOTHER v ABSA BANK LTD 2000 (1) SA 499 (C): Facts: This is an ex parte application for the surrender of the joint estate of the applicants, who are married in community of property and profit and loss. The applicants believed that the necessary requirements for acceptance of surrender had been met, that being: o that the applicant is indeed insolvent; o that sequestration shall be to advantage of creditors; o that there is available realisable property of sufficient value to defray costs of sequestration from the free residue of the estate. However, the respondent opposed the application on the following grounds: o That the notice of surrender was given with ulterior motive to prevent a sale in execution. o That the applicants have failed to fully disclose their financial position. o That the applicants are not insolvent. o That sequestration will not be to the advantage of creditors. The applicants owned a property which was rented to the tenants, however, there was still a bond that needed to be paid. The rentals have not been paid regularly, hence applicants have fallen in arrears with their bond instalments. Further, the respondent contended that the applicant had not fully provided all the relevant information and had thus not acted truthfully and honestly as all assets and liabilities were not truthfully reflected.
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