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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)) 642
2 158. Regulations and policy 473
3 157. Formal defects 346
4 156. Insurer obliged to pay third party’s claim against insolvent 379
5 155. Destruction of documents. 381
6 154. Custody of documents 474
7 153. Fees of office and certain costs 385
8 152. Master may direct trustee to deliver documents or property or call upon any person to furnish certain information 435
9 151bis. Costs of review 359
10 151. Review 374
11 150. Appeal 502
12 149. Jurisdiction of the court 384
13 146. Evidence of liability incurred by insolvent. 343
14 145. Obstructing trustee 404
15 144. Criminal liability of trustee for neglect of certain duties 444
16 143. Criminal liability of partners, administrators, servants or agents 367
17 142. Removing or concealing property to defeat an attachment or failure to disclose property 401
18 141. Acceptance of consideration for certain illegal acts or omissions 390
19 140. Failure of insolvent or spouse to appear to give evidence 335
20 139. Failure to appear or to give evidence or giving false evidence 349
21 138bis. Presumption in case of prosecution for failure to notify change of address 324
22 138. Failure to attend meetings of creditors or give certain information 306
23 137. Obtaining credit during insolvency, offering inducements 342
24 136. Failure to give information or to deliver assets, books, etc 318
25 135. Undue preferences, contracting debts without expectation of ability to pay, etc 321
26 134. Failure to keep proper records 299
27 133. Concealment of liabilities or pretext to existence of assets 299
28 132. Concealing or destroying books or assets 285
29 131. Recovery of penalty 267
30 130. Illegal inducements to vote for composition or not to oppose rehabilitation 287
31 129. Effect of rehabilitation 326
32 128. Partnership cannot be rehabilitated 302
33 127A. Rehabilitation by effluxion of time 339
34 127. Opposition to or refusal by court of rehabilitation 259
35 126. Facts to be averred on application for rehabilitation 295
36 125. Security to be furnished prior to application for rehabilitation 335
37 124. Application for rehabilitation 390
38 123. Functions of trustee under composition 324
39 122. Effect of composition on spouse of the insolvent 283
40 121. If insolvent partner enters into composition, trustee of partnership estate may take over his estate. 450
41 120. Effect of composition 314
42 119. Composition 343
43 118. Enforcing payment of contributions 281
44 117. Enforcement of order of court 289
45 116bis. Failure by trustee to submit account or to perform duties 330
46 116. Surplus to be paid into Guardians’ Fund until rehabilitation of insolvent 275
47 114. Trustee to produce acquittance s for dividends or to pay over unpaid dividends to Master 327
48 113. Distribution of estate and collection of contribution from creditors 340
49 112. Confirmation of trustee’s accounts 282
50 111. Objections to trustee’s account 278
51 110. Compelling trustee to submit accounts 305
52 109. Extension of period for submission of account by trustee 268
53 108. Inspection of trustee’s accounts by creditors 283
54 107. Trustee’s account to be signed and verified 264
55 106. Contributions by creditors towards cost of sequestration when free residue insufficient 289
56 105. Form of plan of contribution 299
57 104. Late proof of claims 305
58 103. Non-preferent claims 373
59 102. Preference under a general bond 324
60 101. Preference in regard to taxes on persons or the incomes or profits of persons 305
61 99. Preference in regard to certain statutory obligations 630
62 98A. Salaries or wages of former employees of insolvent 347
63 98. Costs of execution 317
64 97. Cost of sequestration 413
65 96. Funeral and death-bed expenses 298
66 95. Application of proceeds of securities 324
67 94. Form of plan of distribution 309
68 93. Trading account 396
69 92. Manner of framing liquidation account 354
70 91. Liquidation account and plan of distribution or contribution 369
71 90. Land Bank not affected by this Act 358
72 89. Costs to which securities are subject 410
73 88. Certain mortgages are invalid 309
74 87. Ranking of mortgages for future debts 335
75 86. Effect of general bond and general clause 282
76 85. Exclusion or limitation of preference under legal hypothec 328
77 84. Special provisions in case of goods delivered to a debtor in terms of an instalment agreement. 317
78 83. Realization of securities for claims 335
79 82. Sale of property after second meeting and manner of sale 515
80 81. Trustees report to creditors 390
81 80bis. Sale of movable or immovable property on authorization of Master 1793
82 80. Continuation of insolvent’s business 292
83 79. Subsistence allowance for insolvent and family 396
84 78. Extension of time for payment or compounding of debts due to estate, and arbitration 290
85 77. Recovery of debts due to estate 314
86 76. Continuance of pending legal proceedings by surviving or new trustee 338
87 75. Legal proceedings against estate 289
88 74. Improper advising or conduct of legal proceedings 283
89 73. Trustee may obtain legal assistance 285
90 72. Unlawful retention of moneys or use of property by trustee 307
91 71. Record of all receipts 309
92 70. Banking accounts and investments 315
93 69. Trustee must take charge of property of estate 381
94 68. Presumption as to record of proceedings and validity of acts at meetings of creditors 278
95 67. Steps to be taken on suspicion of an offence 372
96 66. Enforcing summonses and giving of evidence 423
97 65. Interrogation of insolvent and other witnesses 867
98 64. Insolvent and others to attend meetings of creditors 282
99 63. Remuneration of trustee or curator bonis 339
100 62. Election of new trustee 316
101 61. Leave of absence or resignation of trustee 353
102 60. Removal of trustee by Master 369
103 59. Court may declare a person disqualified from being a trustee, or remove a trustee 289
104 58. Vacation of office of trustee 286
105 57. Appointment of trustee or co-trustee by Master 299
106 56. Appointment of trustee 334
107 55. Persons disqualified from being trustees 308
108 54. Election of trustee 643
109 53. Questions upon which creditors may vote 523
110 52. Voting at meeting of creditors 394
111 51. Withdrawal of claim already proved against estate 313
112 50. Arrear interest. Debt due after sequestration 397
113 49. Claims against partnership distinct from claims against partners 292
114 48. Proof of conditional claim 333
115 47. Right of retention and landlord’s legal hypothec 497
116 46. Set-off 783
117 45. Trustee to examine claims 348
118 44. Proof of liquidated claims against estate 515
119 43. A creditor may register his name and address with trustee 330
120 42. Special meetings of creditors 420
121 41. General meetings of creditors 336
122 40. First and second meetings of creditors 358
123 39. Time and place of meetings of creditors 354
124 38. Effect of sequestration on contract of service 375
125 37. Effect of sequestration upon a lease 348
126 36. Goods not paid for which debtor purchased not on credit 458
127 35B. Agreements providing for termination and netting 560
128 35A. Transactions on an exchange 323
129 35. Uncompleted acquisition of immovable property before sequestration 360
130 34. Voidable sale of business 384
131 33. Improper disposition does not affect certain rights 638
132 32. Proceedings to set aside improper disposition 332
133 31. Collusive dealings before sequestration 478
134 30. Undue preference to creditors 400
135 29. Voidable preferences. 823
136 27. Antenuptial contracts 340
137 26. Disposition without value 499
138 25. Estate to remain vested in trustee until composition or rehabilitation 357
139 24. Provisions relating to property in possession of insolvent after sequestration 397
140 23. Rights and obligations of insolvent during sequestration 356
141 22. Payment of debts after sequestration 399
142 21. Effect of sequestration on property of spouse of insolvent 328
143 20. Effect of sequestration on insolvent’s property 366
144 19. Attachment of property by deputy sheriff 466
145 18B. Trustee may cause caveat to be entered 331
146 18A. Trustee to furnish particulars of insolvent 348
147 18. Appointment of provisional trustee by Master 333
148 17. Notice of sequestration. 345
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 356
150 15. Compensation to debtor if petition is an abuse of court’s procedure or malicious or vexatious 353
151 14. Petitioning creditor to prosecute sequestration proceedings until trustee appointed 324
152 13. Sequestration of partnership estate 363
153 12. Final sequestration or dismissal of petition for sequestration 296
154 11. Service of rule nisi 390
155 10. Provisional sequestration. 293
156 9. Petition for sequestration of estate 331
157 8. Acts of insolvency 964
158 7. Withdrawal of notice of surrender.—(1) 294
159 6. Acceptance by court of surrender of estate. 1084
160 5. Prohibition of sale in execution of property of estate after publication of notice of surrender and appointment of curator bonis 329
161 4. Notice of surrender and lodging at Master’s office of statement of debtor’s affairs 333
162 3. Petition for acceptance of surrender of estate. 349
163 2. Definitions 363
164 Section 1 the Insolvency Act 387
 

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