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Smit v ABSA Bank Ltd, Smit v ABSA Bank Ltd (24086/10, 24088/10) [2011] ZAGPPHC 208 (8 November 2011)
High Court dismisses two voluntary surrender applications after finding the applicants failed to show a sufficient dividend to creditors and used defective valuations.
E parte: Kruger, Ex parte Beukes, Ex parte Abrahams (17886/2010, 17885/2010, 17876/2010) [2010] ZAWCHC 459 (6 September 2010)
The court found that none of the applicants had provided sufficient proof of factual insolvency. The valuations relied upon were not properly sworn, lacked adequate explanation, and contained inconsistencies. The expected dividends to creditors were less than 1 cent in the Rand for Kruger and Beukes, and only 15 cents for Abrahams, falling short of the established threshold for advantage to creditors. The court emphasized that voluntary surrender is not intended to relieve debtors but to benefit creditors, and the evidence did not support that surrender would be to the creditors' advantage. C…
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