Magnum Financial Holdings v Summerly

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 or not the trust before the court was susceptible of sequestration. This depended on whether or not 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.

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