Gauteng Division of the High Court in Johannesburg has placed two retirement village-owning trusts linked to the former Belvedere Group, now rebranded as RetireWell Group (RetireWell SA), under final sequestration and ordered the liquidation of a third entity.

The entities were founded and managed by South African brothers and businessmen, Bill Engelbreg Steyn and Willem Johannes Steyn. The court orders follow a dispute over millions of rand in unpaid debts and obligations to pensioners.

Retirement village owners face millions in unpaid debts

Acting Judge Snyckers issued the orders in a judgment delivered on November 11, 2026, confirming the final sequestration of MI7 Trust and MI8 Trust and the winding-up of Xmasbonus (Pty) Ltd. The entities formed part of a retirement property business that previously operated as the Belvedere Group before adopting the Retirewell Group name. As of October 30 2026, most of the entities in the Belvedere Group were in various stages of sequestration or litigation, and Bill Steyn and Alminda Kruger were finally and provisionally sequestrated, respectively.

MI7 owns Bushy Park retirement village, MI8 owns Green Park, while Xmasbonus owns Regent Park. The business model involved selling life rights to retirees, with developers required to repay former residents or their deceased estates when those rights were resold to new occupants.

The proceedings were brought by a subsidiary of Nimble Group, Traceworx, which pursued debts assigned to it by Nedbank. The claims included approximately R12.6 million (over $750,000) owed by MI7 and R11.1 million (over $666,000) by MI8. MI7 also faced a judgment debt of about R1.3 million ($78,000) owed to a pensioner identified as Ms Matthews, while Xmasbonus had guaranteed the Nedbank obligations.

The respondents challenged the provisional insolvency orders, arguing that their former legal representatives lacked authority to consent to them. However, the court rejected the argument, finding that the attorneys and counsel had been appointed to conduct the litigation and could make concessions on behalf of their clients.

Court rejects challenges to debts and insolvency orders

Judge Snyckers also dismissed challenges to the validity and transfer of the debts, finding that the respondents had failed to establish genuine disputes over the amounts owed. The court further ruled that individual retirement village residents did not have to be joined as parties to the proceedings.

In assessing the trusts’ financial positions, the court found that MI7 and MI8 were factually insolvent and/or had committed acts of insolvency. Evidence included declining life-right sales, unpaid obligations, admissions of financial difficulties and unsecured loans to a related trust that had itself been sequestrated.

Xmasbonus, meanwhile, was found to be commercially insolvent, making its liquidation just and equitable.

Regent Park property raises concerns over company records

A significant concern involved Regent Park, whose property was valued at approximately R191 million. Although the property remained registered in Xmasbonus’s name, it was absent from the company’s financial statements following purported sales to related trusts.

The court considered the circumstances serious enough to warrant investigation by liquidators, potentially including a forensic audit. It also concluded that placing MI7 and MI8 under sequestration offered creditors a better prospect of recovering their claims while providing a framework to address the interests of retirement village life-right holders.

Insolvency proceedings extend across former group

The judgment forms part of wider insolvency proceedings involving entities associated with the Belvedere and Retirewell businesses. Bill Steyn’s estate had already been placed under final sequestration, while Alminda Kruger’s estate was under provisional sequestration when the matter came before the court.

The court confirmed the final sequestration of MI7 and MI8 and ordered the liquidation of Xmasbonus. It awarded costs in the insolvency proceedings rather than personally against the trustees. The Belvedere Group comprised various entities that conducted the business of developers of retirement villages in which “life rights” were sold.