For years Daryll Cullinan was the lynchpin in the Proteas' batting line-up - but the 46-year-old's finances have fallen behind the required run rate.
Cullinan was sequestrated earlier this month for failing to pay back Azrapix Investments CC R19300.
In court papers filed in the Johannesburg High Court, Benjamin de Wet said that Cullinan owes his company for services rendered in May and June this year.
De Wet said: "Due to services I rendered to the respondent, I became aware of his personal circumstances. [The] respondent is not in the financial position to make a reasonable and accepted repayment proposal to creditors."
He goes on to say that it would be to "the benefit of all creditors" if Cullinan's assets are liquidated and made available for distribution to his creditors.
Cullinan's former wife, Virginia, yesterday claimed that he has twice taken her to court since their divorce five years ago to seek a reduction in his maintenance payments .
She said: "I only [just] became aware of him having himself sequestrated because three months ago he just stopped paying child support."
In an October 2 e-mail to his ex-wife, Cullinan, promising to pay his portion of school fees, writes: "I fully understand my sequestration does not absolve me from my maintenance obligations."
He added: "Please refrain from lying about my conduct and information you claim I provided the sheriff with."
Cullinan had not responded to requests for comment by the time of going to press.