Thank you very much for the question. I would like to start by saying that in legislation across the world there is normally provision for dealing with instances of overindebtedness. If a company is overindebted, the insolvency laws essentially provide it initially with an opportunity to seek ... to get out of that level of indebtedness. It's called business rescue. If that is impossible ... for a fair way
... in which the distribution of its assets go to creditors.
However, what we've not had in the past was a piece of legislation that deals with the overindebtedness of individuals. As hon Yako mentions, there are millions of South Africans who are at various stages of indebtedness; many of whom are overindebted, meaning that it doesn't matter what they do; they are not going to be able to get out of debt. The interest payments that are mandatory exceed their incomes and the available resources that they have to pay their debts.
So, I think that there's certainly a basis - and everybody agrees there is a basis - for legislative