The ANC faces an insolvency application that would be parlous for the party ahead of next year's make-or-break local government elections.

With at least three bank accounts attached and payments stopped to settle an R85-million debt, the ANC also faces an insolvency application that could jeopardise more than R1-billion in public funds it receives as a represented party from the national fiscus and private donors.

Rapport first reported that the ANC had its bank accounts frozen and R140,000 of goods carted away from its Luthuli House headquarters last week. The graphic shows the detail.

This is insufficient to meet the party's debt obligation to Ezulweni Investments, the company that provides the party with posters, banners and other election paraphernalia.

The Sheriff of the Court also attached at least three bank accounts, but the amount in them is unlikely to exceed R85-million, the amount due to Ezulweni after a protracted battle for payment.

ANC staff are committed, but they experience uneven salary payments, with the party sometimes forgoing debt payments to cover its salary bill or vice versa.

Should the ANC not pay up, the next step is an unprecedented insolvency application, lawyer Shafique Sarlie, who acts for Ezulweni,...