{"id":24837,"date":"2021-05-28T07:37:05","date_gmt":"2021-05-28T05:37:05","guid":{"rendered":"https:\/\/stbb.co.za\/dev2\/?p=24837"},"modified":"2021-05-28T07:37:38","modified_gmt":"2021-05-28T05:37:38","slug":"property-law-update-issue-14-2021","status":"publish","type":"post","link":"https:\/\/stbb.co.za\/dev2\/property-law-update-issue-14-2021\/","title":{"rendered":"Body corporate cannot sit back after sequestrating defaulters"},"content":{"rendered":"<p><strong><em>FirstRand Bank Limited v Master of the High Court (Pretoria) and Others (1120\/19) [2021] ZASCA 33 (7 April 2021)<\/em><\/strong><\/p>\n<p>When an insolvent company or individual\u2019s assets are sold to pay its debts, and it becomes apparent that the value of the assets is not enough to settle the administration costs of the insolvent estate, thus creating a shortfall in the estate, the creditors of that insolvent estate who proved claims against the estate will be held liable to contribute to the administration costs of the estate, pro rata according to the value of their claims. Here, where the body corporate brought the application, is it liable for costs in the administration of the insolvent estate or can it sit back being assured of receiving its outstanding levies when the property is subsequently transferred in terms of the provisions of the Sectional Titles Act?<\/p>\n<p><a href=\"http:\/\/www.saflii.org\/za\/cases\/ZASCA\/2021\/33.html\">The Judgment<\/a><br \/>\n<a href=\"https:\/\/stbb.co.za\/dev2\/wp-content\/uploads\/2021\/05\/stbb_plu14-2021_s1.pdf\">Summary of the Judgment<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FirstRand Bank Limited v Master of the High Court (Pretoria) and Others (1120\/19) [2021] ZASCA 33 (7 April 2021) When an insolvent company or individual\u2019s assets are sold to pay its debts, and it becomes apparent that the value of<\/p>\n","protected":false},"author":36,"featured_media":24477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[137,109],"tags":[],"class_list":["post-24837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-property-law-update"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - 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