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Bankruptcy Explained

Rehabilitation

Liquidation Explained

Home Insolvency Act 24 of 1936
INSOLVENCY ACT NO. 24 OF 1936

INSOLVENCY ACT
NO. 24 OF 1936

 

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1 NOTICE OF SURRENDER OF A DEBTOR’S ESTATE (SECTION 4 (1)) 676
2 158. Regulations and policy 536
3 157. Formal defects 384
4 156. Insurer obliged to pay third party’s claim against insolvent 420
5 155. Destruction of documents. 417
6 154. Custody of documents 508
7 153. Fees of office and certain costs 417
8 152. Master may direct trustee to deliver documents or property or call upon any person to furnish certain information 470
9 151bis. Costs of review 393
10 151. Review 408
11 150. Appeal 532
12 149. Jurisdiction of the court 415
13 146. Evidence of liability incurred by insolvent. 390
14 145. Obstructing trustee 437
15 144. Criminal liability of trustee for neglect of certain duties 481
16 143. Criminal liability of partners, administrators, servants or agents 401
17 142. Removing or concealing property to defeat an attachment or failure to disclose property 436
18 141. Acceptance of consideration for certain illegal acts or omissions 424
19 140. Failure of insolvent or spouse to appear to give evidence 367
20 139. Failure to appear or to give evidence or giving false evidence 383
21 138bis. Presumption in case of prosecution for failure to notify change of address 352
22 138. Failure to attend meetings of creditors or give certain information 347
23 137. Obtaining credit during insolvency, offering inducements 367
24 136. Failure to give information or to deliver assets, books, etc 342
25 135. Undue preferences, contracting debts without expectation of ability to pay, etc 344
26 134. Failure to keep proper records 323
27 133. Concealment of liabilities or pretext to existence of assets 323
28 132. Concealing or destroying books or assets 314
29 131. Recovery of penalty 290
30 130. Illegal inducements to vote for composition or not to oppose rehabilitation 318
31 129. Effect of rehabilitation 348
32 128. Partnership cannot be rehabilitated 323
33 127A. Rehabilitation by effluxion of time 370
34 127. Opposition to or refusal by court of rehabilitation 284
35 126. Facts to be averred on application for rehabilitation 320
36 125. Security to be furnished prior to application for rehabilitation 360
37 124. Application for rehabilitation 414
38 123. Functions of trustee under composition 351
39 122. Effect of composition on spouse of the insolvent 307
40 121. If insolvent partner enters into composition, trustee of partnership estate may take over his estate. 478
41 120. Effect of composition 339
42 119. Composition 369
43 118. Enforcing payment of contributions 307
44 117. Enforcement of order of court 314
45 116bis. Failure by trustee to submit account or to perform duties 361
46 116. Surplus to be paid into Guardians’ Fund until rehabilitation of insolvent 303
47 114. Trustee to produce acquittance s for dividends or to pay over unpaid dividends to Master 366
48 113. Distribution of estate and collection of contribution from creditors 364
49 112. Confirmation of trustee’s accounts 305
50 111. Objections to trustee’s account 303
51 110. Compelling trustee to submit accounts 332
52 109. Extension of period for submission of account by trustee 293
53 108. Inspection of trustee’s accounts by creditors 309
54 107. Trustee’s account to be signed and verified 293
55 106. Contributions by creditors towards cost of sequestration when free residue insufficient 313
56 105. Form of plan of contribution 348
57 104. Late proof of claims 337
58 103. Non-preferent claims 442
59 102. Preference under a general bond 352
60 101. Preference in regard to taxes on persons or the incomes or profits of persons 335
61 99. Preference in regard to certain statutory obligations 661
62 98A. Salaries or wages of former employees of insolvent 377
63 98. Costs of execution 342
64 97. Cost of sequestration 442
65 96. Funeral and death-bed expenses 325
66 95. Application of proceeds of securities 348
67 94. Form of plan of distribution 334
68 93. Trading account 425
69 92. Manner of framing liquidation account 388
70 91. Liquidation account and plan of distribution or contribution 431
71 90. Land Bank not affected by this Act 388
72 89. Costs to which securities are subject 459
73 88. Certain mortgages are invalid 335
74 87. Ranking of mortgages for future debts 367
75 86. Effect of general bond and general clause 305
76 85. Exclusion or limitation of preference under legal hypothec 352
77 84. Special provisions in case of goods delivered to a debtor in terms of an instalment agreement. 341
78 83. Realization of securities for claims 368
79 82. Sale of property after second meeting and manner of sale 548
80 81. Trustees report to creditors 420
81 80bis. Sale of movable or immovable property on authorization of Master 1861
82 80. Continuation of insolvent’s business 319
83 79. Subsistence allowance for insolvent and family 420
84 78. Extension of time for payment or compounding of debts due to estate, and arbitration 315
85 77. Recovery of debts due to estate 341
86 76. Continuance of pending legal proceedings by surviving or new trustee 363
87 75. Legal proceedings against estate 314
88 74. Improper advising or conduct of legal proceedings 307
89 73. Trustee may obtain legal assistance 311
90 72. Unlawful retention of moneys or use of property by trustee 333
91 71. Record of all receipts 338
92 70. Banking accounts and investments 342
93 69. Trustee must take charge of property of estate 405
94 68. Presumption as to record of proceedings and validity of acts at meetings of creditors 305
95 67. Steps to be taken on suspicion of an offence 398
96 66. Enforcing summonses and giving of evidence 461
97 65. Interrogation of insolvent and other witnesses 985
98 64. Insolvent and others to attend meetings of creditors 309
99 63. Remuneration of trustee or curator bonis 370
100 62. Election of new trustee 342
101 61. Leave of absence or resignation of trustee 380
102 60. Removal of trustee by Master 402
103 59. Court may declare a person disqualified from being a trustee, or remove a trustee 317
104 58. Vacation of office of trustee 314
105 57. Appointment of trustee or co-trustee by Master 327
106 56. Appointment of trustee 369
107 55. Persons disqualified from being trustees 336
108 54. Election of trustee 670
109 53. Questions upon which creditors may vote 554
110 52. Voting at meeting of creditors 419
111 51. Withdrawal of claim already proved against estate 337
112 50. Arrear interest. Debt due after sequestration 428
113 49. Claims against partnership distinct from claims against partners 316
114 48. Proof of conditional claim 362
115 47. Right of retention and landlord’s legal hypothec 529
116 46. Set-off 849
117 45. Trustee to examine claims 373
118 44. Proof of liquidated claims against estate 551
119 43. A creditor may register his name and address with trustee 360
120 42. Special meetings of creditors 447
121 41. General meetings of creditors 369
122 40. First and second meetings of creditors 386
123 39. Time and place of meetings of creditors 381
124 38. Effect of sequestration on contract of service 406
125 37. Effect of sequestration upon a lease 379
126 36. Goods not paid for which debtor purchased not on credit 484
127 35B. Agreements providing for termination and netting 638
128 35A. Transactions on an exchange 358
129 35. Uncompleted acquisition of immovable property before sequestration 396
130 34. Voidable sale of business 426
131 33. Improper disposition does not affect certain rights 666
132 32. Proceedings to set aside improper disposition 359
133 31. Collusive dealings before sequestration 522
134 30. Undue preference to creditors 431
135 29. Voidable preferences. 854
136 27. Antenuptial contracts 367
137 26. Disposition without value 527
138 25. Estate to remain vested in trustee until composition or rehabilitation 398
139 24. Provisions relating to property in possession of insolvent after sequestration 466
140 23. Rights and obligations of insolvent during sequestration 387
141 22. Payment of debts after sequestration 425
142 21. Effect of sequestration on property of spouse of insolvent 357
143 20. Effect of sequestration on insolvent’s property 390
144 19. Attachment of property by deputy sheriff 502
145 18B. Trustee may cause caveat to be entered 359
146 18A. Trustee to furnish particulars of insolvent 379
147 18. Appointment of provisional trustee by Master 367
148 17. Notice of sequestration. 376
149 16. Insolvent and spouse whose separate estate has not been sequestrated must deliver his business records and lodge statement of his affairs with Master 385
150 15. Compensation to debtor if petition is an abuse of court’s procedure or malicious or vexatious 389
151 14. Petitioning creditor to prosecute sequestration proceedings until trustee appointed 355
152 13. Sequestration of partnership estate 418
153 12. Final sequestration or dismissal of petition for sequestration 320
154 11. Service of rule nisi 418
155 10. Provisional sequestration. 317
156 9. Petition for sequestration of estate 358
157 8. Acts of insolvency 1027
158 7. Withdrawal of notice of surrender.—(1) 322
159 6. Acceptance by court of surrender of estate. 1111
160 5. Prohibition of sale in execution of property of estate after publication of notice of surrender and appointment of curator bonis 606
161 4. Notice of surrender and lodging at Master’s office of statement of debtor’s affairs 358
162 3. Petition for acceptance of surrender of estate. 376
163 2. Definitions 392
164 Section 1 the Insolvency Act 416
 

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