DO SEQUESTRATION PROCEEDINGS FALL WITHIN THE OVERALL AMBIT OF “ANY PROCEEDINGS” AS STIPULATED IN SECTION 130(3) OF THE NATIONAL CREDIT ACT 34 OF 2005?* Naidoo v Absa Bank Limited [2010] 4 All SA 496 (SCA)

Naidoo v Absa Bank Limited is one of the few cases by a court in which interface between insolvency law and National Credit Act 34 2005 arose since commencement latter 2006. Other highlighting this include Investec Ltd Mutemeri (2010 (1) SA 265 (GSJ)) Ex Parte Ford (2009 (3) 376 (WCC). The enactment has had significantconsequences for scope remedies available to both debtors creditors terms law. did not change Insolvency 24 1936 dramatically. Section 84 Act, deals with goods delivered an instalment agreement debtor whose estate became subsequently sequestrated, was section changed Act. However, now dealing exclusively certain debts enforcement those debts. These are arising out credit agreements therefore excluding application when such 4 determines applicable. provides sophisticated measures during situation consumers who parties agreements, exempted from unable pay their debt reviewing, declaration as reckless restructuring (see s 86(7) recommendations counsellor maymake after reviewing consumer’s debts). In all other instances, normal civil garnishee order, sale execution, order payment instalments still means redress creditor. It issubmitted that will be only time South Africa where possible overlap under adjudicated. Future motions either try enforce or question its application, arguing more specialized seen Limited.