Beach Investment Trust IT770688 (C741/2016)
Date submitted: 23.10.2016
Comments made by the trustee/liquidator
Welcome to Summit Trust.
Kindly be advised that Jochen Eckhoff and Gladys Nkatheko Ngobeni will attend to the sequestration of Beach Investment Trust (IT770688) “Beach”. Furthermore, all communications regarding this estate (progress reports, creditor reports, meeting of creditors) will be done via this online estate profile. You will receive notifications, via email, when we update the estate.
Kindly be advised that Beach was Provisionally sequestrated on 21 September 2016. Furthermore, The Master of the High Court, Cape Town, appointed Jochen Eckhoff (Summit Trust) and Gladys Nkatheko Ngobeni as Provisional Trustees of Beach on 14 October 2016.
Please be advised that it is our duty as Provisional Trustees to secure the assets of Beach and not to comment on the trust’s affairs. Having said that, the Provisional Trustees will submit a preliminary creditors report if the order is made final on 25 October 2016.
The provisional order of sequestration was made final on 25 October 2016. The Master of the High Court will now convene by notice in the Gazette, a first meeting of the creditors of the estate for the proof of their claims against the estate. The Master shall publish such notice on a date not less than ten days before the date upon which the meeting is to be held and shall in such notice state the time and place at which the meeting is to be held. The Provisional Trustees will also make the notice available on this website.
The first meeting of creditors will take place at Bellville Magistrates Court on 2 December 2016 at 11:00.
The first meeting of creditors was successfully held and closed on 2 December 2016. The Trustees shall now proceed to examine the claim that was proven at the first meeting of creditors. The Trustees shall, within three months, convene the second meeting of creditors. The purpose of the meeting is to prove additional claims against the estate, adopt resolutions and to table a formal creditors and contributories report. The time, date and place of the second meeting of creditors and the formal creditors and contributories report will also be made available on this website.
The statutory second meeting of creditors will be held on 24 February 2017 before The Magistrate, Bellville, at 11h00.
The second meeting of creditors was successfully held and closed. The Trustees will now proceed in accordance with the Trustees section 81 report and creditors directions. The only asset in the estate, as per the section 81 report, will be auctioned on 28 March 2017. The first liquidation and distribution account will be submitted by 12 July 2017.
The Master of the High Court has granted the Trustees a six-month extension of time to file the liquidation and distribution account due to the transfer of the property taking longer than expected.
Notice of Motion and Founding Affidavit
Provisional order of sequestration
Provisional certificate of appointment
Final order of sequestration
Minutes of First Meeting of Creditors
Final certificate of appointment
Section 81 Report
Minutes of the second meeting of creditors