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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)) 610
2 158. Regulations and policy 412
3 157. Formal defects 316
4 156. Insurer obliged to pay third party’s claim against insolvent 347
5 155. Destruction of documents. 356
6 154. Custody of documents 442
7 153. Fees of office and certain costs 354
8 152. Master may direct trustee to deliver documents or property or call upon any person to furnish certain information 408
9 151bis. Costs of review 325
10 151. Review 346
11 150. Appeal 475
12 149. Jurisdiction of the court 358
13 146. Evidence of liability incurred by insolvent. 311
14 145. Obstructing trustee 379
15 144. Criminal liability of trustee for neglect of certain duties 417
16 143. Criminal liability of partners, administrators, servants or agents 339
17 142. Removing or concealing property to defeat an attachment or failure to disclose property 378
18 141. Acceptance of consideration for certain illegal acts or omissions 365
19 140. Failure of insolvent or spouse to appear to give evidence 311
20 139. Failure to appear or to give evidence or giving false evidence 323
21 138bis. Presumption in case of prosecution for failure to notify change of address 298
22 138. Failure to attend meetings of creditors or give certain information 284
23 137. Obtaining credit during insolvency, offering inducements 322
24 136. Failure to give information or to deliver assets, books, etc 298
25 135. Undue preferences, contracting debts without expectation of ability to pay, etc 301
26 134. Failure to keep proper records 280
27 133. Concealment of liabilities or pretext to existence of assets 277
28 132. Concealing or destroying books or assets 265
29 131. Recovery of penalty 246
30 130. Illegal inducements to vote for composition or not to oppose rehabilitation 265
31 129. Effect of rehabilitation 304
32 128. Partnership cannot be rehabilitated 280
33 127A. Rehabilitation by effluxion of time 314
34 127. Opposition to or refusal by court of rehabilitation 238
35 126. Facts to be averred on application for rehabilitation 271
36 125. Security to be furnished prior to application for rehabilitation 310
37 124. Application for rehabilitation 368
38 123. Functions of trustee under composition 302
39 122. Effect of composition on spouse of the insolvent 261
40 121. If insolvent partner enters into composition, trustee of partnership estate may take over his estate. 424
41 120. Effect of composition 290
42 119. Composition 318
43 118. Enforcing payment of contributions 259
44 117. Enforcement of order of court 267
45 116bis. Failure by trustee to submit account or to perform duties 299
46 116. Surplus to be paid into Guardians’ Fund until rehabilitation of insolvent 253
47 114. Trustee to produce acquittance s for dividends or to pay over unpaid dividends to Master 299
48 113. Distribution of estate and collection of contribution from creditors 321
49 112. Confirmation of trustee’s accounts 262
50 111. Objections to trustee’s account 257
51 110. Compelling trustee to submit accounts 282
52 109. Extension of period for submission of account by trustee 242
53 108. Inspection of trustee’s accounts by creditors 264
54 107. Trustee’s account to be signed and verified 239
55 106. Contributions by creditors towards cost of sequestration when free residue insufficient 271
56 105. Form of plan of contribution 274
57 104. Late proof of claims 281
58 103. Non-preferent claims 320
59 102. Preference under a general bond 297
60 101. Preference in regard to taxes on persons or the incomes or profits of persons 283
61 99. Preference in regard to certain statutory obligations 611
62 98A. Salaries or wages of former employees of insolvent 299
63 98. Costs of execution 296
64 97. Cost of sequestration 387
65 96. Funeral and death-bed expenses 277
66 95. Application of proceeds of securities 300
67 94. Form of plan of distribution 286
68 93. Trading account 372
69 92. Manner of framing liquidation account 285
70 91. Liquidation account and plan of distribution or contribution 288
71 90. Land Bank not affected by this Act 335
72 89. Costs to which securities are subject 327
73 88. Certain mortgages are invalid 291
74 87. Ranking of mortgages for future debts 305
75 86. Effect of general bond and general clause 259
76 85. Exclusion or limitation of preference under legal hypothec 306
77 84. Special provisions in case of goods delivered to a debtor in terms of an instalment agreement. 295
78 83. Realization of securities for claims 309
79 82. Sale of property after second meeting and manner of sale 493
80 81. Trustees report to creditors 340
81 80bis. Sale of movable or immovable property on authorization of Master 1674
82 80. Continuation of insolvent’s business 268
83 79. Subsistence allowance for insolvent and family 376
84 78. Extension of time for payment or compounding of debts due to estate, and arbitration 269
85 77. Recovery of debts due to estate 292
86 76. Continuance of pending legal proceedings by surviving or new trustee 312
87 75. Legal proceedings against estate 269
88 74. Improper advising or conduct of legal proceedings 263
89 73. Trustee may obtain legal assistance 265
90 72. Unlawful retention of moneys or use of property by trustee 287
91 71. Record of all receipts 287
92 70. Banking accounts and investments 292
93 69. Trustee must take charge of property of estate 357
94 68. Presumption as to record of proceedings and validity of acts at meetings of creditors 256
95 67. Steps to be taken on suspicion of an offence 346
96 66. Enforcing summonses and giving of evidence 400
97 65. Interrogation of insolvent and other witnesses 744
98 64. Insolvent and others to attend meetings of creditors 261
99 63. Remuneration of trustee or curator bonis 315
100 62. Election of new trustee 297
101 61. Leave of absence or resignation of trustee 329
102 60. Removal of trustee by Master 342
103 59. Court may declare a person disqualified from being a trustee, or remove a trustee 267
104 58. Vacation of office of trustee 262
105 57. Appointment of trustee or co-trustee by Master 278
106 56. Appointment of trustee 307
107 55. Persons disqualified from being trustees 288
108 54. Election of trustee 624
109 53. Questions upon which creditors may vote 504
110 52. Voting at meeting of creditors 373
111 51. Withdrawal of claim already proved against estate 293
112 50. Arrear interest. Debt due after sequestration 374
113 49. Claims against partnership distinct from claims against partners 269
114 48. Proof of conditional claim 307
115 47. Right of retention and landlord’s legal hypothec 476
116 46. Set-off 690
117 45. Trustee to examine claims 327
118 44. Proof of liquidated claims against estate 447
119 43. A creditor may register his name and address with trustee 307
120 42. Special meetings of creditors 400
121 41. General meetings of creditors 301
122 40. First and second meetings of creditors 333
123 39. Time and place of meetings of creditors 325
124 38. Effect of sequestration on contract of service 343
125 37. Effect of sequestration upon a lease 324
126 36. Goods not paid for which debtor purchased not on credit 429
127 35B. Agreements providing for termination and netting 479
128 35A. Transactions on an exchange 278
129 35. Uncompleted acquisition of immovable property before sequestration 314
130 34. Voidable sale of business 335
131 33. Improper disposition does not affect certain rights 594
132 32. Proceedings to set aside improper disposition 283
133 31. Collusive dealings before sequestration 417
134 30. Undue preference to creditors 352
135 29. Voidable preferences. 765
136 27. Antenuptial contracts 290
137 26. Disposition without value 451
138 25. Estate to remain vested in trustee until composition or rehabilitation 288
139 24. Provisions relating to property in possession of insolvent after sequestration 318
140 23. Rights and obligations of insolvent during sequestration 308
141 22. Payment of debts after sequestration 332
142 21. Effect of sequestration on property of spouse of insolvent 280
143 20. Effect of sequestration on insolvent’s property 318
144 19. Attachment of property by deputy sheriff 417
145 18B. Trustee may cause caveat to be entered 290
146 18A. Trustee to furnish particulars of insolvent 317
147 18. Appointment of provisional trustee by Master 305
148 17. Notice of sequestration. 311
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 325
150 15. Compensation to debtor if petition is an abuse of court’s procedure or malicious or vexatious 327
151 14. Petitioning creditor to prosecute sequestration proceedings until trustee appointed 303
152 13. Sequestration of partnership estate 279
153 12. Final sequestration or dismissal of petition for sequestration 275
154 11. Service of rule nisi 369
155 10. Provisional sequestration. 268
156 9. Petition for sequestration of estate 284
157 8. Acts of insolvency 873
158 7. Withdrawal of notice of surrender.—(1) 269
159 6. Acceptance by court of surrender of estate. 1064
160 5. Prohibition of sale in execution of property of estate after publication of notice of surrender and appointment of curator bonis 279
161 4. Notice of surrender and lodging at Master’s office of statement of debtor’s affairs 310
162 3. Petition for acceptance of surrender of estate. 296
163 2. Definitions 324
164 Section 1 the Insolvency Act 363
 

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