Answer to Question #331668 in Law for Jeff

Question

Puseletso has recently bought the member's interest in Gangnams Tile CC. She is experiencing financial problems, and it appears that her estate will be sequestrated. The other members of Gangnams Tiles CC, who are aware of the situation, are concerned about what effect the sequestration of Puseletso's estate will have on the continued existence of Gangnam's Tile CC. With reference to the close corporations act 69 of 1984 explain whether the continuation of the business will be affected by the sequestration of Puseletso's estate and what happens to the member's interest of a member of a close corporation when she is sequestrated