Wentzel v Discovery Life Limited and Others: In Re Botha and Others NNO v Wentzel (1001/19)
Wentzel v Discovery Life Limited and Others: In Re Botha and Others NNO v Wentzel (1001/19) [2020] ZASCA 121; 2021 (6) SA 437 (SCA) (2 October 2020)
The Supreme Court of Appeal held that an unrehabilitated insolvent, even if nominated as a beneficiary in a life insurance policy, is not personally entitled to the proceeds of that policy if rehabilitation has not occurred. The court found that the Insolvency Act vests all property acquired during sequestration, including insurance proceeds, in the trustees of the insolvent estate unless specifically excluded by statute. The dissolution of the marriage in community of property does not alter the consequences of insolvency, and the debts incurred remain extant. The appellant's argument that t…
Source excerpt
- Insolvency Act
- Unrehabilitated Insolvent
- Life Insurance Policy
- Sequestration
- Distribution Account