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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)) 666
2 158. Regulations and policy 522
3 157. Formal defects 372
4 156. Insurer obliged to pay third party’s claim against insolvent 408
5 155. Destruction of documents. 407
6 154. Custody of documents 498
7 153. Fees of office and certain costs 409
8 152. Master may direct trustee to deliver documents or property or call upon any person to furnish certain information 458
9 151bis. Costs of review 384
10 151. Review 399
11 150. Appeal 525
12 149. Jurisdiction of the court 407
13 146. Evidence of liability incurred by insolvent. 383
14 145. Obstructing trustee 430
15 144. Criminal liability of trustee for neglect of certain duties 473
16 143. Criminal liability of partners, administrators, servants or agents 392
17 142. Removing or concealing property to defeat an attachment or failure to disclose property 429
18 141. Acceptance of consideration for certain illegal acts or omissions 418
19 140. Failure of insolvent or spouse to appear to give evidence 359
20 139. Failure to appear or to give evidence or giving false evidence 373
21 138bis. Presumption in case of prosecution for failure to notify change of address 345
22 138. Failure to attend meetings of creditors or give certain information 335
23 137. Obtaining credit during insolvency, offering inducements 361
24 136. Failure to give information or to deliver assets, books, etc 337
25 135. Undue preferences, contracting debts without expectation of ability to pay, etc 339
26 134. Failure to keep proper records 318
27 133. Concealment of liabilities or pretext to existence of assets 318
28 132. Concealing or destroying books or assets 307
29 131. Recovery of penalty 286
30 130. Illegal inducements to vote for composition or not to oppose rehabilitation 310
31 129. Effect of rehabilitation 343
32 128. Partnership cannot be rehabilitated 318
33 127A. Rehabilitation by effluxion of time 360
34 127. Opposition to or refusal by court of rehabilitation 277
35 126. Facts to be averred on application for rehabilitation 315
36 125. Security to be furnished prior to application for rehabilitation 356
37 124. Application for rehabilitation 409
38 123. Functions of trustee under composition 344
39 122. Effect of composition on spouse of the insolvent 302
40 121. If insolvent partner enters into composition, trustee of partnership estate may take over his estate. 473
41 120. Effect of composition 333
42 119. Composition 363
43 118. Enforcing payment of contributions 301
44 117. Enforcement of order of court 308
45 116bis. Failure by trustee to submit account or to perform duties 354
46 116. Surplus to be paid into Guardians’ Fund until rehabilitation of insolvent 297
47 114. Trustee to produce acquittance s for dividends or to pay over unpaid dividends to Master 354
48 113. Distribution of estate and collection of contribution from creditors 359
49 112. Confirmation of trustee’s accounts 300
50 111. Objections to trustee’s account 299
51 110. Compelling trustee to submit accounts 326
52 109. Extension of period for submission of account by trustee 287
53 108. Inspection of trustee’s accounts by creditors 302
54 107. Trustee’s account to be signed and verified 286
55 106. Contributions by creditors towards cost of sequestration when free residue insufficient 307
56 105. Form of plan of contribution 336
57 104. Late proof of claims 328
58 103. Non-preferent claims 430
59 102. Preference under a general bond 346
60 101. Preference in regard to taxes on persons or the incomes or profits of persons 328
61 99. Preference in regard to certain statutory obligations 652
62 98A. Salaries or wages of former employees of insolvent 372
63 98. Costs of execution 335
64 97. Cost of sequestration 434
65 96. Funeral and death-bed expenses 319
66 95. Application of proceeds of securities 343
67 94. Form of plan of distribution 328
68 93. Trading account 420
69 92. Manner of framing liquidation account 381
70 91. Liquidation account and plan of distribution or contribution 418
71 90. Land Bank not affected by this Act 381
72 89. Costs to which securities are subject 452
73 88. Certain mortgages are invalid 329
74 87. Ranking of mortgages for future debts 360
75 86. Effect of general bond and general clause 300
76 85. Exclusion or limitation of preference under legal hypothec 347
77 84. Special provisions in case of goods delivered to a debtor in terms of an instalment agreement. 336
78 83. Realization of securities for claims 360
79 82. Sale of property after second meeting and manner of sale 542
80 81. Trustees report to creditors 413
81 80bis. Sale of movable or immovable property on authorization of Master 1847
82 80. Continuation of insolvent’s business 313
83 79. Subsistence allowance for insolvent and family 415
84 78. Extension of time for payment or compounding of debts due to estate, and arbitration 310
85 77. Recovery of debts due to estate 333
86 76. Continuance of pending legal proceedings by surviving or new trustee 358
87 75. Legal proceedings against estate 309
88 74. Improper advising or conduct of legal proceedings 301
89 73. Trustee may obtain legal assistance 304
90 72. Unlawful retention of moneys or use of property by trustee 327
91 71. Record of all receipts 330
92 70. Banking accounts and investments 336
93 69. Trustee must take charge of property of estate 401
94 68. Presumption as to record of proceedings and validity of acts at meetings of creditors 299
95 67. Steps to be taken on suspicion of an offence 390
96 66. Enforcing summonses and giving of evidence 454
97 65. Interrogation of insolvent and other witnesses 964
98 64. Insolvent and others to attend meetings of creditors 298
99 63. Remuneration of trustee or curator bonis 361
100 62. Election of new trustee 337
101 61. Leave of absence or resignation of trustee 375
102 60. Removal of trustee by Master 392
103 59. Court may declare a person disqualified from being a trustee, or remove a trustee 308
104 58. Vacation of office of trustee 307
105 57. Appointment of trustee or co-trustee by Master 321
106 56. Appointment of trustee 360
107 55. Persons disqualified from being trustees 331
108 54. Election of trustee 663
109 53. Questions upon which creditors may vote 544
110 52. Voting at meeting of creditors 412
111 51. Withdrawal of claim already proved against estate 332
112 50. Arrear interest. Debt due after sequestration 422
113 49. Claims against partnership distinct from claims against partners 311
114 48. Proof of conditional claim 354
115 47. Right of retention and landlord’s legal hypothec 519
116 46. Set-off 831
117 45. Trustee to examine claims 367
118 44. Proof of liquidated claims against estate 544
119 43. A creditor may register his name and address with trustee 355
120 42. Special meetings of creditors 441
121 41. General meetings of creditors 361
122 40. First and second meetings of creditors 380
123 39. Time and place of meetings of creditors 375
124 38. Effect of sequestration on contract of service 402
125 37. Effect of sequestration upon a lease 371
126 36. Goods not paid for which debtor purchased not on credit 478
127 35B. Agreements providing for termination and netting 617
128 35A. Transactions on an exchange 346
129 35. Uncompleted acquisition of immovable property before sequestration 386
130 34. Voidable sale of business 412
131 33. Improper disposition does not affect certain rights 660
132 32. Proceedings to set aside improper disposition 355
133 31. Collusive dealings before sequestration 511
134 30. Undue preference to creditors 423
135 29. Voidable preferences. 847
136 27. Antenuptial contracts 361
137 26. Disposition without value 521
138 25. Estate to remain vested in trustee until composition or rehabilitation 392
139 24. Provisions relating to property in possession of insolvent after sequestration 452
140 23. Rights and obligations of insolvent during sequestration 380
141 22. Payment of debts after sequestration 419
142 21. Effect of sequestration on property of spouse of insolvent 349
143 20. Effect of sequestration on insolvent’s property 384
144 19. Attachment of property by deputy sheriff 493
145 18B. Trustee may cause caveat to be entered 352
146 18A. Trustee to furnish particulars of insolvent 372
147 18. Appointment of provisional trustee by Master 358
148 17. Notice of sequestration. 369
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 377
150 15. Compensation to debtor if petition is an abuse of court’s procedure or malicious or vexatious 383
151 14. Petitioning creditor to prosecute sequestration proceedings until trustee appointed 348
152 13. Sequestration of partnership estate 406
153 12. Final sequestration or dismissal of petition for sequestration 314
154 11. Service of rule nisi 412
155 10. Provisional sequestration. 311
156 9. Petition for sequestration of estate 352
157 8. Acts of insolvency 1015
158 7. Withdrawal of notice of surrender.—(1) 316
159 6. Acceptance by court of surrender of estate. 1103
160 5. Prohibition of sale in execution of property of estate after publication of notice of surrender and appointment of curator bonis 498
161 4. Notice of surrender and lodging at Master’s office of statement of debtor’s affairs 353
162 3. Petition for acceptance of surrender of estate. 368
163 2. Definitions 386
164 Section 1 the Insolvency Act 410
 

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