Question One

20 Marks 1.1 Your company takes legal action against a debtor that has failed to settle his account. Identify the process that would be followed during legal action once a FINAL DEMAND has been sent and not been responded to. (10)

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1.2 The National Credit Acts purpose is to protect consumers. What 5 rights are awarded to consumers by the NCA? (5) ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________ ___________________________________________________________________________

1.3 In a liquidation matter explain what is meant with the risk of contribution (2)

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1.4 When doing business transactions between different countries payment is done using a letter of credit. List 3 different types of letters of credit?