INSOLVENT ESTATE: JOHAN ANGUS DU PLESSIS
Master’s Reference: T2479/09
JOINT TRUSTEES’ REPORT
MARYNA ESTELLE SYMES &
NATASHA AMANDA SAMSOM
JOINT TRUSTEES
C/O ZEENA INSOLVENCY PRACTITIONERS
75 NORTH RAND ROAD
BOKSBURG
1459
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INSOLVENT ESTATE: JOHAN ANGUS DU PLESSIS
IDENTITY NUMBER: 710120 5321 085
MASTER’S REFERENCE NUMBER: T2479/09
REPORT IN TERMS OF SECTION 81 OF THE INSOLVENCY ACT NO. 24 OF 1936,
AS AMENDED, BY THE JOINT TRUSTEES, MARYNA ESTELLE SYMES &
NATASHA AMANDA SAMSOM, TO BE SUBMITTED AT THE SECOND MEETING OF
CREDITORS TO BE HELD BEFORE THE MASTER OF THE HIGH COURT,
PRETORIA ON FRIDAY, 30 NOVEMBER 2012 AT 10H00.
INTRODUCTION
The abovementioned insolvents were sequestrated by way of a Court Order dated 26 March
2009.
The Master of the High Court has appointed Maryna Estelle Symes & Natasha Amanda
Samsom as Joint Provisional Trustees; under Certificate of Appointment number T2479/09.
The First Meeting of Creditors took place on 24 August 2012 and Maryna Estelle Symes &
Natasha Amanda Samsom, have been appointed as Joint Trustees, under Certificate of
Appointment number T2479/09.
REPORT IN TERMS OF SECTION 81 OF THE INSOLVENCY ACT OF 24 1936 AS
AMENDED
I now wish to report in terms of Section 81 of Act No. 24 of 1936, as amended, as
follows;
ASSETS AND LIABILITIES
SECTION 81(a)
According to available information, and further investigation the following appears to be
the approximate financial position;
ASSETS:
Encumbered Immovable Assets:
None
0.00
Encumbered Movable Assets
None
Unencumbered Movable Assets
0.00
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None
0.00
LIABILITIES:
Secured Creditors
None
0.00
Unknown
Preferent Creditors
18,258.00
Concurrent Creditors
Shortfall
(18,258.00)
R18,258.00
R18,258.00
NOTES:
1. The insolvent stood surety for a property which was registered in his wife’s
name.
2. According the application there were two vehicles financed with Absa. However,
Absa repossessed the one, a BMW, which was involved in a car accident and
wrote the outstanding off. The other vehicle was financed under a lease
agreement and does not form part of the estate.
3. No other assets were found as the insolvent already immigrated to Nieu Zealand
when we were appointed.
4. There is a danger of contribution and are creditors advised not to lodge their
claims against the estate.
CAUSES OF INSOLVENCY
SECTION 81(b)
According to the Statement of Affairs referred to above, the insolvent indicated the
following reasons to be the causes of his insolvency:The insolvent owed the application money for some time, which he did not make an
effort to repay. The applicant proceeded with legal actions and brought an application
for sequestration against the insolvent.
BOOKS AND RECORDS
SECTION 81(c)
The insolvent has submitted all books and records, which can be expected in the
normal course of his actions.
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CONTRAVENTIONS AND OFFENCES
SECTION 81(d)
According to my investigation it appears to the best of our knowledge that the insolvent
has not contravened the Insolvency Act or to have committed any other offence.
ALLOWANCE TO THE INSOLVENT
SECTION 81(e)
No allowance has been made to the Insolvent in terms of Section 79 of the Insolvency
Act.
CARRYING ON BUSINESS
SECTION 81(f)
No business was carried on, on behalf of the insolvent estate.
LEGAL PROCEEDINGS
SECTION 81(g)
We are not aware of any legal proceedings, which have been suspended by the
sequestration, or of any pending or threatening actions other than in the normal course,
save and except for the recovery of outstanding debts.
MATTERS MENTIONED IN SECTIIONS 37 AND 37
SECTION 81(h)
We are not aware of any contract, which the insolvent concluded before the
sequestration of his/her estate to obtain immovable goods, which were not transported,
to him/her at date of sequestration.
OTHER MATTERS
SECTION 81(i)
There are no specific matters requiring the direction of creditors.
Such directions as we require of creditors are contained in the draft resolutions number
1 to 37 which are submitted for consideration and adoption by creditors at this meeting,
in conjunction with this report.
Creditors are requested to adopt these resolutions to enable the effective administration
of the estate to continue.
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DATED AT BOKSBURG THIS ______ DAY OF NOVEMBER 2012.
..........................................
M E SYMES
JOINT TRUSTEE
DATED AT ______________________ THIS ______ DAY OF NOVEMBER 2012.
..........................................
N A SAMSOM
JOINT TRUSTEE
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INSOLVENT ESTATE: JOHAN ANGUS DU PLESSIS
IDENTITY NUMBER: 710120 5321 085
MASTER’S REFERENCE NUMBER: T2479/09
REPORT IN TERMS OF SECTION 81 OF THE INSOLVENCY ACT NO. 24 OF 1936,
AS AMENDED, BY THE JOINT TRUSTEES, MARYNA ESTELLE SYMES &
NATASHA AMANDA SAMSOM TO BE SUBMITTED AT THE SECOND MEETING OF
CREDITORS TO BE HELD BEFORE THE MASTER OF THE HIGH COURT,
PRETORIA ON FRIDAY, 30 NOVEMBER 2012 AT 10H00.
RESOLVED:
1. THAT
all actions of the Provisional Joint Trustees and/or Joint Trustees to date
be and are hereby approved and ratified.
2. THAT
the Provisional Joint Trustees and/or Joint Trustees be and are hereby
authorised to collect any outstanding debts due to the estate and for the
purpose thereof either to sell or compound any of the debts for such sum
and on such terms and conditions as they in their sole discretion may
deem fit, or to abandon any claims which they, in their sole discretion,
may deem to be irrecoverable, or to institute legal action and/or or
employ Attorneys and/or Counsel in connection with the recovery of the
debtors, and to proceed to the final end or determination of any such
legal actions instituted or to abandon same at any time as they in their
sole discretion may deem fit, all legal costs so incurred to be costs of
administration.
3. THAT
the Provisional Joint Trustees and/or Joint Trustees be and are hereby
authorised by the creditors in terms of Section 73 of the Judicial Matters
Amendment Act 1998, to waive the taxation by the Taxing Master of the
High Court of the fees and disbursements of Attorneys. The prior written
authorisation by creditors is hereby waived and the actions taken by the
Provisional Joint Trustees and/or Joint Trustees are hereby ratified.
4. THAT
the Provisional Joint Trustees and/or Joint Trustees be and are hereby
authorise to employ Auditors to investigate and write up the books of the
estate to date of sequestration and to produce an audited balance sheet
as at the date, and to complete any necessary Income Tax and other
Government Returns and that all costs so incurred shall be costs in the
administration of the estate.
5. THAT
the Provisional Joint Trustees and/or Joint Trustees are hereby
authorised and empowered to:
engage the services of Attorneys and Counsel in connection with any
5.1
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5.2
agree with such Attorney on the tariff and/or scale of fees to be charged
by and paid to the Attorney for the rendering of the services of the estate
5.3
pay the Attorney, provided that there is at all times a sufficiency of funds
in the free residue, the agreed costs and the disbursements made by the
Attorney as when the services are rendered and the disbursements and
made subject to5.3.1
the taxation of such costs and disbursements by the Master of the
High Court when the Attorney has performed his mandate; and
5.3.2
the repayment by the Attorney to the Provisional Joint Trustees
and/or Joint Trustees of any payment made by the Provisional Joint
Trustees and/or Joint Trustees to the Attorney in respect of the
latter’s costs and disbursements which exceeds the amount
determined by the taxation, or in the event of the Attorney
becoming disentitled to such payment, or any portion thereof, if it
should be excluded from the confirmed Joint Trustees’ account
pursuant to any objection under Section 111 of the Insolvency Act,
1936.
6. THAT
the Provisional Joint Trustees and/or Joint Trustees be and are hereby
authorised to dispose of immovable and movable assets of the estate by
Public Auction, Private Treaty or Public Tender and that the mode of
sale for any or more of the assets shall be determined by the Provisional
Joint Trustees and/or Joint Trustees and that all costs incurred in relation
thereto be costs of administration.
7. THAT
the Provisional Joint Trustees and/or Joint Trustees be and are hereby
authorised and empowered in their discretion to hold an enquiry into the
affairs of the estate, and/or any matters relating thereto, should they
deem it to be in the best interest of creditors, and to employ Attorneys
and/or Counsel and/or Recording Agents to assist in the said enquiry,
and to summons any persons who they should deem necessary, to be
present at the enquiry, all costs so incurred to be costs in the
administration of the estate.
8. THAT
the Provisional Joint Trustees and/or Joint Trustees be and are hereby
authorised and empowered to investigate any apparent voidable and/or
undue preference and/or any dispositions of property, and to take any
steps which they in their discretion may deem necessary, including the
instituting of legal action and the employment of Attorneys and/or
counsel, to have these set aside, and to proceed to the final end or
determination of any such legal actions or to abandon same at any time
as they in their sold discretion may deem fit, all costs incurred in terms of
thereof to be costs in the administration of the estate.
9.
should costs be incurred for the use of a recording machine where the
Government does not provide the service without costs, the costs
incurred herein and the costs to obtain copies of such Court Records be
allowed against the estate as costs of administration.
THAT
10. THAT
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in the event of any asset which is subject to a Mortgage Bond, Pledge, or
any other form of security not realising sufficient to pay the claim of the
secured creditors, plus the pro-rata share of the costs of administration
in full, then the Provisional Joint Trustees and/or Joint Trustees be and
are hereby authorised in their discretion to abandon such assets of the
creditors concerned at an agreed valuation, subject to the payment by
such creditor of a pro-rata share of the costs of administration in terms of
Section 89 of the Insolvency Act, as amended.
11. THAT
the Provisional Joint Trustees and/or Joint Trustees be and are hereby
authorised and empowered, in their discretion to compromise or admit
any claim against the estate, whether liquidated or unliquidated, as a
liquidated claim in terms of Section 78(3) of the Insolvency Act, as
amended, provided that proof thereof has been tendered at a meeting of
creditors.
12. THAT
the action of the Provisional Joint Trustees and/or Joint Trustees in
utilising the services of the insolvent / debtor and/or representatives, for
the purpose of tracing assets, compiling a inventory of stock and take
possession of the assets, be and are hereby confirmed, that their
remuneration plus travelling expenses, be paid by the estate.
13. THAT
the report, submitted by the Provisional Joint Trustees and/or Joint
Trustees in terms of Section 81 of the Insolvency Act, be and are hereby
approved and adopted and that the further administration of the affairs of
the estate be left to the discretion of the Provisional Joint Trustees
and/or Joint Trustees.
14. THAT
the Provisional Joint Trustees and/or Joint Trustees be and are hereby
authorised to make application for the destruction of the books and
records of the estate six (6) months after the confirmation of the final
account.
15. THAT
the actions of the Provisional Joint Trustees and/or Joint Trustees in
employing night-watchmen to protect the premises and assets of the
estate be and are hereby approved and ratified, all costs relating thereto
to be costs in the administration of the estate.
16. THAT
the actions of the Provisional Joint Trustees and/or Joint Trustees in
advertising, calling for tenders for the purchase of the business and/or
assets of the estate be and are hereby approved and ratified, all costs so
incurred to be costs of administration of the estate
17. THAT
the actions of the Provisional Joint Trustees and/or Joint Trustees in
having disposed of assets, shares and loan accounts, prior to the date of
this meeting, be and are hereby approved and ratified, all costs incurred
in relation thereto be costs of administration of the estate.
18. THAT
the Provisional Joint Trustees and/or Joint Trustees be and are hereby
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authorised and empowered to sign all the necessary documents as may
be required to effect transfer of the ownership of the assets, including
immovable property, to the purchasers thereof.
19. THAT
the actions of the Provisional Joint Trustees and/or Joint Trustees in
continuing the business of the debtor and retaining staff be and are
hereby approved and ratified, all costs so incurred to be costs in the
administration of the estate.
20. THAT
the actions of the Provisional Joint Trustees and/or Joint Trustees in
employing salesmen and administrative personnel and generally to
protect the interest of creditors be and are hereby approved and ratified
and the fees of such personnel to be costs in the administration of the
estate.
21. THAT
the Provisional Joint Trustees and/or Joint Trustees be and are hereby
authorised and empowered to continue the business of the debtor from
the date of provisional sequestration until such time as creditors instruct
them to the contrary or until such time as the assets are realised and to
do all things which they in their sole discretion may deem necessary for
the successful continuation of the business (all costs so incurred to be
costs in the administration) and without restricting the generalities of their
powers they are hereby specifically authorised:
(i)
(ii)
(iii)
(iv)
(v)
to discharge and engage employees and to fix their remuneration;
to continue the lease of the premises until such time as it is
decided to terminate the lease;
to employ persons to undertake the physical count and valuation
of stock in trade at the beginning and end of any trading period
subsequent to the date of provisional sequestration of the debtor;
to employ persons to prepare any inventory or inventories of all
movable assets of the estate;
generally to do all things which they in their discretion may deem
to be necessary to terminate the lease.
22. THAT
the Provisional Joint Trustees and/or Joint Trustees be and are hereby
indemnified against any losses and/or claims for damages resulting from
the continuation of the estate’s business, all such losses and damages
to be costs in the administration of the estate;
23. THAT
the Provisional Joint Trustees and/or Joint Trustees has the right to
cancel any or all lease agreements entered into, and that any action
taken by the Provisional Joint Trustees and/or Joint Trustees in the
cancellation of any or all leases, before the holding of this meeting, are
hereby ratified and confirmed.
24. THAT
the costs incurred by the Provisional Joint Trustees and/or Joint Trustees
in furnishing the Master of the High Court with the required fidelity
guarantee and/or any renewal thereof at the rate prescribed by the
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Master of the High Court or at a rate in excess thereof be and are hereby
agreed and ratified by the creditors.
25. THAT
the action of the Provisional Joint Trustees and/or Joint Trustees in
conducting the affairs of the estate, utilising the assets of the estate
subsequent to sequestration, be hereby ratified and confirmed and that
any losses so incurred be approved as costs of administration and borne
by the estate.
26. THAT
that the Provisional Joint Trustee and/or Joint Trustee is entitled to levy a
Special Fee in the estate’s Liquidation and Distribution and/or
Contribution Account, that the creditors approve of such a Special Fee
and that the Master of the High Court is directed to confirm the payment
of such Special Fee to the Provisional Joint Trustee and/or Joint Trustee.
27. THAT
the Provisional Joint Trustees and/or Joint Trustees is hereby authorised
to submit for determination and/or arbitration any dispute concerning the
estate or any claim or demand by or upon the estate and that any costs
so incurred to be costs of administration and paid for by the estate.
28. THAT
it is resolved that in the event of the Provisional Joint Trustees and/or
Joint Trustees having to advance funds to the estate in order to finance
disbursements in respect of administration costs, of whatever nature,
such loan will attract interest at a rate equal to the prime overdraft rate of
a commercial bank prevailing at the time of the making of a loan and that
such interest costs, be admitted as a cost of administration of the estate;
29. THAT
the costs incurred by the Provisional Joint Trustees and/or Joint Trustees
in restoring, maintaining, conserving and realising any assets of the
estate, be and are hereby ratified and confirmed and that such costs be
costs of administration and/or costs in terms of Section 89(1) of the
Insolvency Act No. 24 of 1936, as amended, if applicable and payable by
the estate or the creditors, as the case may be.
30. THAT
the Provisional Joint Trustees and/or Joint Trustees are allowed to trade
the business of the estate and that any costs incurred in the purchase of
stock, salaries, and any other expenses incurred in trading of the
business be administration expenses and are to be paid by the estate.
The Provisional Joint Trustees and/or Joint Trustees are also entitled to
dispose of stock and/or other assets by public tender (over counter sales)
and all costs related thereto are costs of administration of the estate.
31. THAT
the Provisional Joint Trustees and/or Joint Trustees are entitled to travel
by air or utilise any method of transportation necessary in conducting the
winding up of the estate and that all travel expenses incurred by the
Provisional Joint Trustees and/or Joint Trustees are to be borne by the
estate as an administration expense. Such costs will not be scrutinised by
the Master of the High Court and the Creditors direct that the costs be
allowed as an administration expense.
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32. THAT the Provisional Joint Trustees and/or Joint Trustees are hereby authorised
to dispose of the movable and immovable assets of the estate by Private
Treaty or Public Auction after the holding of this meeting, with the
direction of the major creditors.
33. THAT the action of the Provisional Joint Trustees and/or Joint Trustees in
terminating any of the leases of the estate’s offices, be and are hereby
ratified, all costs so incurred be costs in the administration of the estate.
34. THAT
the Provisional Joint Trustees and/or Joint Trustees be and are hereby
authorised and empowered in their discretion to contest or defend any
legal proceedings by or against the estate and, should they deem it
necessary, to employ Attorneys and/or Counsel to assist and all costs
incurred in terms thereof to be costs in the administration of the estate.
35. THAT
the Provisional Joint Trustees and/or Joint Trustees are specifically
entitled to employ the services of an agent to, inter alia, trace and collect
assets, realise assets, collect debtors and to charge the estate
remuneration by percentage or otherwise as the Provisional Joint
Trustees and/or Joint Trustees deem fit. The Provisional Joint Trustees
and/or Joint Trustees will have sole discretion in considering the agent/s
remuneration and such remuneration will be borne by the estate as an
administration expense.
36. THAT the Provisional Joint Trustees and/or Joint Trustees be and are hereby
authorised to abandon any assets if it is, in their opinion, of no value to
the estate or if the realisation thereof would not, in their opinion, result in
any benefit to the estate.
37. THAT the further administration of the affairs of the estate be left in the hands of
the Provisional Joint Trustees and/or Joint Trustees at their sole
discretion.
The Joint Trustees/s’ Resolutions for adoption by Creditors were presented and
approved of
__________________________________
ADOPTED ON BEHALF OF CREDITORS:
__________________
PRESIDING OFFICER