If you have a bond, and the bank you have the bond with goes bust, then who owns your house? Do you still have to keep on paying, or can you cancel your debit order? Do you get your house for free, or maybe at 30c/R1, 1c/R1, etc??
Unfortunately not. The rights and obligatitions goes over to the to the Master of the High Court apointed Liquidator which due to the fact that he earns fees on all amounts will be very keen to make sure that you pay your debts. The Banks unsecured creditors however will stand in que to get their money. Useally the book is then sold over to another fin institution which aquires the rights and obligation through cessions and delagations.