WHICH PROPERTIES ARE EXEMPT FROM BEING INCLUDED IN THE PROCESS?
This is governed by Section 82(6) of the Insolvency Act 24 of 1936. The specific properties that are exempt are:
1.Your clothes;
2.Bedding;
3.The whole or part of your household furniture, excluding luxury items;
4.Tools of your trade;
5.Other essential means of subsistence;
6.Property held in trust by the insolvent in his capacity as Trustee
(protected by S12 of the Trust Property Control Act 57 of 1988);
7.Life-insurance policies;
8.Pension benefits;
9.Compensation for loss or damage suffered because of defamation or personal injury;
10.Your salary or wages earned after sequestration, in so far as such money is needed for the support of the insolvent and his dependants.