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It is not in dispute that Mrs Wright incurred indebtedness with the applicant she having incurred liability as surety and co-principal debtor in favour of the applicant in respect of the indebtedness of Memoak 6, Memoak 7 and the trust, respectively, to the applicant.
The applications for liquidation of the two close corporations were based on the averment that each is factually insolvent and unable to pay its debts.
The applications for the sequestration of the estates of the trust and Mrs Wright were similarly based on the averment that each is factually insolvent and on the further averment that The formal requirements stipulated in the relevant legislation were complied with in each application, the necessary certificates and reports by the Master and the necessary returns of service having been filed. The first related to the application for the liquidation of the two close corporations.
It was alleged that they were no longer indebted to the applicant.
The papers filed on behalf of the respondents reflect that certain other defences were raised by Mrs Wright and on behalf of the trust in the applications against them.
The trust became further indebted to the applicant, by incurring liability as surety and co-principal debtor in favour of the applicant in respect of the indebtednesses of Memoak 6 and 7, respectively, to the applicant.
She is, in her personal capacity, the respondent in case no.140/2010 and, in her capacity as sole trustee of the Capricorn Trust, the respondent in case no. She is also the sole member of the respondents in case nos.
138/2010 and 139/2010, two close corporations styled, respectively, Memoak No 6 CC and Memoak No 7 CC (Memoak 6 and Memoak 7, respectively).
The four applications with which this judgment is concerned are interrelated.
They have, as their common denominator, Mrs Sheryl Jeanette Wright.
The applicant, a commercial bank, seeks orders for the provisional liquidation of the two close corporations referred to and for the provisional sequestration of the estates of Mrs Wright and the trust. It is not in dispute that Memoak 6 incurred indebtedness with the applicant in respect of monies lent and advanced, alternatively disbursed, by the applicant to it, including bank charges, ledger fees, commission on cheques and interest debited.