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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)) 582
2 158. Regulations and policy 390
3 157. Formal defects 296
4 156. Insurer obliged to pay third party’s claim against insolvent 321
5 155. Destruction of documents. 335
6 154. Custody of documents 413
7 153. Fees of office and certain costs 329
8 152. Master may direct trustee to deliver documents or property or call upon any person to furnish certain information 378
9 151bis. Costs of review 305
10 151. Review 325
11 150. Appeal 457
12 149. Jurisdiction of the court 335
13 146. Evidence of liability incurred by insolvent. 288
14 145. Obstructing trustee 357
15 144. Criminal liability of trustee for neglect of certain duties 397
16 143. Criminal liability of partners, administrators, servants or agents 321
17 142. Removing or concealing property to defeat an attachment or failure to disclose property 357
18 141. Acceptance of consideration for certain illegal acts or omissions 339
19 140. Failure of insolvent or spouse to appear to give evidence 292
20 139. Failure to appear or to give evidence or giving false evidence 296
21 138bis. Presumption in case of prosecution for failure to notify change of address 275
22 138. Failure to attend meetings of creditors or give certain information 264
23 137. Obtaining credit during insolvency, offering inducements 306
24 136. Failure to give information or to deliver assets, books, etc 281
25 135. Undue preferences, contracting debts without expectation of ability to pay, etc 289
26 134. Failure to keep proper records 266
27 133. Concealment of liabilities or pretext to existence of assets 261
28 132. Concealing or destroying books or assets 249
29 131. Recovery of penalty 229
30 130. Illegal inducements to vote for composition or not to oppose rehabilitation 247
31 129. Effect of rehabilitation 293
32 128. Partnership cannot be rehabilitated 266
33 127A. Rehabilitation by effluxion of time 280
34 127. Opposition to or refusal by court of rehabilitation 225
35 126. Facts to be averred on application for rehabilitation 252
36 125. Security to be furnished prior to application for rehabilitation 296
37 124. Application for rehabilitation 355
38 123. Functions of trustee under composition 286
39 122. Effect of composition on spouse of the insolvent 240
40 121. If insolvent partner enters into composition, trustee of partnership estate may take over his estate. 399
41 120. Effect of composition 273
42 119. Composition 301
43 118. Enforcing payment of contributions 242
44 117. Enforcement of order of court 246
45 116bis. Failure by trustee to submit account or to perform duties 279
46 116. Surplus to be paid into Guardians’ Fund until rehabilitation of insolvent 232
47 114. Trustee to produce acquittance s for dividends or to pay over unpaid dividends to Master 279
48 113. Distribution of estate and collection of contribution from creditors 306
49 112. Confirmation of trustee’s accounts 244
50 111. Objections to trustee’s account 236
51 110. Compelling trustee to submit accounts 266
52 109. Extension of period for submission of account by trustee 223
53 108. Inspection of trustee’s accounts by creditors 249
54 107. Trustee’s account to be signed and verified 219
55 106. Contributions by creditors towards cost of sequestration when free residue insufficient 256
56 105. Form of plan of contribution 238
57 104. Late proof of claims 256
58 103. Non-preferent claims 305
59 102. Preference under a general bond 279
60 101. Preference in regard to taxes on persons or the incomes or profits of persons 255
61 99. Preference in regard to certain statutory obligations 592
62 98A. Salaries or wages of former employees of insolvent 268
63 98. Costs of execution 281
64 97. Cost of sequestration 364
65 96. Funeral and death-bed expenses 258
66 95. Application of proceeds of securities 283
67 94. Form of plan of distribution 272
68 93. Trading account 345
69 92. Manner of framing liquidation account 270
70 91. Liquidation account and plan of distribution or contribution 272
71 90. Land Bank not affected by this Act 317
72 89. Costs to which securities are subject 297
73 88. Certain mortgages are invalid 275
74 87. Ranking of mortgages for future debts 288
75 86. Effect of general bond and general clause 244
76 85. Exclusion or limitation of preference under legal hypothec 292
77 84. Special provisions in case of goods delivered to a debtor in terms of an instalment agreement. 280
78 83. Realization of securities for claims 282
79 82. Sale of property after second meeting and manner of sale 466
80 81. Trustees report to creditors 304
81 80bis. Sale of movable or immovable property on authorization of Master 1581
82 80. Continuation of insolvent’s business 250
83 79. Subsistence allowance for insolvent and family 358
84 78. Extension of time for payment or compounding of debts due to estate, and arbitration 247
85 77. Recovery of debts due to estate 275
86 76. Continuance of pending legal proceedings by surviving or new trustee 285
87 75. Legal proceedings against estate 249
88 74. Improper advising or conduct of legal proceedings 249
89 73. Trustee may obtain legal assistance 249
90 72. Unlawful retention of moneys or use of property by trustee 267
91 71. Record of all receipts 269
92 70. Banking accounts and investments 274
93 69. Trustee must take charge of property of estate 342
94 68. Presumption as to record of proceedings and validity of acts at meetings of creditors 240
95 67. Steps to be taken on suspicion of an offence 325
96 66. Enforcing summonses and giving of evidence 376
97 65. Interrogation of insolvent and other witnesses 652
98 64. Insolvent and others to attend meetings of creditors 246
99 63. Remuneration of trustee or curator bonis 297
100 62. Election of new trustee 278
101 61. Leave of absence or resignation of trustee 306
102 60. Removal of trustee by Master 316
103 59. Court may declare a person disqualified from being a trustee, or remove a trustee 251
104 58. Vacation of office of trustee 242
105 57. Appointment of trustee or co-trustee by Master 251
106 56. Appointment of trustee 287
107 55. Persons disqualified from being trustees 268
108 54. Election of trustee 604
109 53. Questions upon which creditors may vote 489
110 52. Voting at meeting of creditors 356
111 51. Withdrawal of claim already proved against estate 273
112 50. Arrear interest. Debt due after sequestration 344
113 49. Claims against partnership distinct from claims against partners 254
114 48. Proof of conditional claim 286
115 47. Right of retention and landlord’s legal hypothec 459
116 46. Set-off 643
117 45. Trustee to examine claims 311
118 44. Proof of liquidated claims against estate 405
119 43. A creditor may register his name and address with trustee 290
120 42. Special meetings of creditors 380
121 41. General meetings of creditors 278
122 40. First and second meetings of creditors 314
123 39. Time and place of meetings of creditors 307
124 38. Effect of sequestration on contract of service 315
125 37. Effect of sequestration upon a lease 303
126 36. Goods not paid for which debtor purchased not on credit 400
127 35B. Agreements providing for termination and netting 411
128 35A. Transactions on an exchange 255
129 35. Uncompleted acquisition of immovable property before sequestration 285
130 34. Voidable sale of business 298
131 33. Improper disposition does not affect certain rights 569
132 32. Proceedings to set aside improper disposition 259
133 31. Collusive dealings before sequestration 382
134 30. Undue preference to creditors 323
135 29. Voidable preferences. 735
136 27. Antenuptial contracts 260
137 26. Disposition without value 420
138 25. Estate to remain vested in trustee until composition or rehabilitation 257
139 24. Provisions relating to property in possession of insolvent after sequestration 279
140 23. Rights and obligations of insolvent during sequestration 274
141 22. Payment of debts after sequestration 299
142 21. Effect of sequestration on property of spouse of insolvent 250
143 20. Effect of sequestration on insolvent’s property 295
144 19. Attachment of property by deputy sheriff 386
145 18B. Trustee may cause caveat to be entered 266
146 18A. Trustee to furnish particulars of insolvent 294
147 18. Appointment of provisional trustee by Master 285
148 17. Notice of sequestration. 285
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 305
150 15. Compensation to debtor if petition is an abuse of court’s procedure or malicious or vexatious 308
151 14. Petitioning creditor to prosecute sequestration proceedings until trustee appointed 283
152 13. Sequestration of partnership estate 245
153 12. Final sequestration or dismissal of petition for sequestration 259
154 11. Service of rule nisi 351
155 10. Provisional sequestration. 251
156 9. Petition for sequestration of estate 252
157 8. Acts of insolvency 813
158 7. Withdrawal of notice of surrender.—(1) 250
159 6. Acceptance by court of surrender of estate. 1049
160 5. Prohibition of sale in execution of property of estate after publication of notice of surrender and appointment of curator bonis 265
161 4. Notice of surrender and lodging at Master’s office of statement of debtor’s affairs 294
162 3. Petition for acceptance of surrender of estate. 257
163 2. Definitions 295
164 Section 1 the Insolvency Act 340
 

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