In Magnum Financial Holdings (Pty) Ltd (in liquidation) v Summerly, an important case in South African insolvency law, the question to be decided was whether the trust before the court was susceptible of sequestration. This depended on whether it was a “debtor” as defined in section 2 of the Act.
The court held that, because the trust could, through its trustees, acquire property and incur liabilities, and because it was not a body corporate as contemplated by section 2, it fell within the meaning of the term “debtor” in that section.
magnum, financial, holdings, summerly, magnum, financial, holdings, liquidation, summerly, important, case, south, african, insolvency, question, decided, whether, trust, before, court, susceptible, sequestration, this, depended, whether, debtor, defined, sect. In Magnum Financial Holdings Pty Ltd in liquidation v Summerly an important case in South African insolvency law the question to be decided was whether the trust before the court was susceptible of sequestration This depended on whether it was a debtor as defined in section 2 of the Act The court held that because the trust could through its trustees acquire property and incur liabilities and because it was not a body corporate as contemplated by section 2 it fell within the meaning of the term debtor in that section See also EditSouth African insolvency lawReferences EditMagnum Financial Holdings Pty Ltd in liquidation v Summerly 1984 1 SA 160 W Notes Edit This article relating to case law in South Africa is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Magnum Financial Holdings v Summerly amp oldid 1084896850, wikipedia, wiki, book, books, library,
