SUMMARY Each of the four Applicants, respectively, had entered into various credit agreements in terms of the National Credit Act (“NCA”). Subsequent thereto, the Applicants were unable to make payment of their respective liabilities and the Applicants’ only realisable assets consisted of moveable assets with minimal value. As such, they applied for the voluntary surrender
SUMMARY Court a quo: Firstrand Bank Limited (“Firstrand”) registered a general notarial bond (“GNB”) over all of the movable assets of Rubaco Boerdery (Edms) Bpk (“Rubaco”). Prior to the liquidation of Rubaco, Firstrand obtained an order perfecting its GNB to the amount of R5,500,000.00 (Five Million and Five Hundred Thousand Rand). Thereafter, the sheriff of