The scenario involving Tenza.docx - The scenario involving...

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The scenario involving Tenza The following set of facts may serve as an example of the manner in which a debtor may overburden him- or herself with financial responsibility, thereby becoming insolvent . Here is the first scenario in which we mention Tenza, an insolvent whose experience forms a consistent theme of this Study Guide. Tenza obtained his LLB degree in 2001. After completing his articles of clerkship, he joined the law firm of Blaa & Blaa of Sandton, Johannesburg. As a professional assistant, Tenza earned a gross income of R11 000 per month. Tenza decided that as an attorney he deserved to live in a smart house in Soweto. He therefore borrowed R400 000 from the Payback Bank for the purchase price of his new house, and the bank registered a mortgage bond over this immovable property in order to secure the repayment of the money by Tenza. Tenza then decided that he needed a motor vehicle, and so he borrowed R250 000 from City Motors to purchase his new Mercedes Benz.
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  • Fall '15
  • Debt, Truck, Automobile, Mercedes-Benz, Tenza

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