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Compulsory sequestration takes place when someone who a liquidated claim of at least R100.00 (one hundred Rand) successfully applies on the grounds of actual insolvency or more commonly by reason of the debtor committing an act of insolvency. The applicant must provide security for all costs of administration of the estate.
Acts of Insolvency
The creditor can launch an application if the debtor has committed an act of insolvency. Very briefly the acts of insolvency are:
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