Magistrates' Courts Act, 1944 (Act No. 32 of 1944)

Part II : Civil Matters

Chapter IX : Execution

74K. Realisation of assets by administrator
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(1)An administrator may, if authorised thereto by the court, subject to the provisions of subsection (2), realise any asset of the estate under administration, and in granting any such authorisation the court may impose any such conditions as it may deem fit.

 

(2)An asset mentioned in subsection (1) which is the subject of a credit agreement regulated by the National Credit Act, 2005 (Act No. 34 of 2005), shall not be realised except with the written permission of the credit provider.

 

(3)If the credit provider as defined in section 1 of the National Credit Act, 2005 (Act No. 34 of 2005), is obliged to pay to the debtor an amount in terms of the said Act, that amount shall be paid to the administrator for pro rata distribution among the creditors.

 

(4)Whenever the court authorises any administrator to realise any asset, the court may amend the payments to be made in terms of the administration order accordingly.