Naas Botha sequestrated after court bankruptcy battle

By Hilda Van Dyk
17 June 2016

The former rugby star has lost his battle against a sequestration order by Nedbank.

The man who won many rugby matches with his famous kick has lost his battle against a sequestration order by Nedbank.

On Wednesday former rugby player Naas Botha was sequestrated in the North Gauteng High Court in Pretoria for outstanding home loan debt.

Eight months ago his wife, former Springbok athlete Karen Botha, was sequestrated in the same court – for the same outstanding debt.

After Nedbank failed to recover the money from Karen for a loan it gave her in December 2009 for a house in Royal Chalice Street in the exclusive Mooikloof Estate in the east of Pretoria, Nedbank instituted proceedings against Naas because he’d signed surety for Karen.

The couple had sold the house but the selling price hadn’t been enough to pay off the debt with Nedbank.

In February this year they still owed Nedbank R1 152 871 after battling for a few years to make payments on the house.

Danie Potgieter, a Centurion lawyer who specialises in sequestrations, told YOU that when a bank fails to get its money back and suspects irregularities it applies for a sequestration order.

“In 99 percent of cases a provisional sequestration order is made final,” Danie says.

Naas was provisionally sequestrated last month. He had until Wednesday to provide the court with reasons why the sequestration should not be made final, but failed to do so.

Now that the order has been made final a curator will be appointed by the Master of the High Court to investigate Naas’ financial affairs. He will meet with all the creditors and come up with a plan to pay everyone at least 20c for every rand owed.

After a curator has completed his investigation, which can take between a year and two years, he can sell some of the debtor’s assets to pay creditors.

When you’re sequestrated your name is given to credit bureaux. By law you’re entitled to owe only R100. If you intend to go into debt of more than R100 you must inform the lender that you’ve been sequestrated. If you don’t inform the lender you can be criminally prosecuted and jailed for a year.

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