Legal Blog - Louwrens Koen Attorneys #Master of the High Court
To prove a claim against an insolvent estate, the claim must be a liquidated claim that arose before the date of sequestration and existed at that date, and did not prescribe at that date. A liquidated claim is a claim for a certain amount that has been determined through an agreement, a court judgment, or other means. Non-liquidated claims may be tendered at a meeting of creditors and deemed proved against the estate if the trustee has compromised or admitted them, or if they have been settled by a court judgment.
Read MoreSequestration is the act of voluntarily surrendering your financial affairs to the Master of the High Court in accordance with the Insolvency Act 24 of 1936. This process involves an attorney and advocate working on behalf of the debtor to apply for sequestration in the High Court of South Africa. It is usually a last resort for those facing insurmountable debt due to circumstances beyond their control. If granted, the debtor (the applicant) can have up to 80% of their debt written off, providing much-needed relief.
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An inter vivos trust is a type of trust that is established by a person during their lifetime to manage specific assets or investments and provide support to beneficiaries, typically family members. The primary purpose of this type of trust is usually to generate income for the beneficiaries and to provide funding for various needs such as housing, care, education, and general welfare.
Read MoreSetting up a trust can be an excellent way to protect your assets, but it requires careful consideration before taking the plunge. In this article, we will provide you with some tips on how to set up a trust correctly. Before you create a trust, make sure that it fits into your overall estate plan. A trust is a legal structure that allows you to transfer assets to a third party, the trustee, who holds and manages those assets for the benefit of the trust's beneficiaries.
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