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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)) 561
2 158. Regulations and policy 373
3 157. Formal defects 281
4 156. Insurer obliged to pay third party’s claim against insolvent 304
5 155. Destruction of documents. 317
6 154. Custody of documents 400
7 153. Fees of office and certain costs 315
8 152. Master may direct trustee to deliver documents or property or call upon any person to furnish certain information 366
9 151bis. Costs of review 290
10 151. Review 307
11 150. Appeal 444
12 149. Jurisdiction of the court 323
13 146. Evidence of liability incurred by insolvent. 273
14 145. Obstructing trustee 344
15 144. Criminal liability of trustee for neglect of certain duties 386
16 143. Criminal liability of partners, administrators, servants or agents 309
17 142. Removing or concealing property to defeat an attachment or failure to disclose property 344
18 141. Acceptance of consideration for certain illegal acts or omissions 319
19 140. Failure of insolvent or spouse to appear to give evidence 280
20 139. Failure to appear or to give evidence or giving false evidence 282
21 138bis. Presumption in case of prosecution for failure to notify change of address 264
22 138. Failure to attend meetings of creditors or give certain information 251
23 137. Obtaining credit during insolvency, offering inducements 296
24 136. Failure to give information or to deliver assets, books, etc 271
25 135. Undue preferences, contracting debts without expectation of ability to pay, etc 276
26 134. Failure to keep proper records 255
27 133. Concealment of liabilities or pretext to existence of assets 248
28 132. Concealing or destroying books or assets 239
29 131. Recovery of penalty 216
30 130. Illegal inducements to vote for composition or not to oppose rehabilitation 232
31 129. Effect of rehabilitation 281
32 128. Partnership cannot be rehabilitated 255
33 127A. Rehabilitation by effluxion of time 268
34 127. Opposition to or refusal by court of rehabilitation 215
35 126. Facts to be averred on application for rehabilitation 241
36 125. Security to be furnished prior to application for rehabilitation 282
37 124. Application for rehabilitation 343
38 123. Functions of trustee under composition 275
39 122. Effect of composition on spouse of the insolvent 228
40 121. If insolvent partner enters into composition, trustee of partnership estate may take over his estate. 387
41 120. Effect of composition 262
42 119. Composition 287
43 118. Enforcing payment of contributions 229
44 117. Enforcement of order of court 236
45 116bis. Failure by trustee to submit account or to perform duties 262
46 116. Surplus to be paid into Guardians’ Fund until rehabilitation of insolvent 219
47 114. Trustee to produce acquittance s for dividends or to pay over unpaid dividends to Master 259
48 113. Distribution of estate and collection of contribution from creditors 295
49 112. Confirmation of trustee’s accounts 232
50 111. Objections to trustee’s account 224
51 110. Compelling trustee to submit accounts 257
52 109. Extension of period for submission of account by trustee 209
53 108. Inspection of trustee’s accounts by creditors 238
54 107. Trustee’s account to be signed and verified 208
55 106. Contributions by creditors towards cost of sequestration when free residue insufficient 246
56 105. Form of plan of contribution 227
57 104. Late proof of claims 245
58 103. Non-preferent claims 288
59 102. Preference under a general bond 266
60 101. Preference in regard to taxes on persons or the incomes or profits of persons 241
61 99. Preference in regard to certain statutory obligations 578
62 98A. Salaries or wages of former employees of insolvent 253
63 98. Costs of execution 270
64 97. Cost of sequestration 351
65 96. Funeral and death-bed expenses 239
66 95. Application of proceeds of securities 271
67 94. Form of plan of distribution 261
68 93. Trading account 334
69 92. Manner of framing liquidation account 261
70 91. Liquidation account and plan of distribution or contribution 262
71 90. Land Bank not affected by this Act 301
72 89. Costs to which securities are subject 283
73 88. Certain mortgages are invalid 263
74 87. Ranking of mortgages for future debts 275
75 86. Effect of general bond and general clause 233
76 85. Exclusion or limitation of preference under legal hypothec 278
77 84. Special provisions in case of goods delivered to a debtor in terms of an instalment agreement. 271
78 83. Realization of securities for claims 273
79 82. Sale of property after second meeting and manner of sale 456
80 81. Trustees report to creditors 295
81 80bis. Sale of movable or immovable property on authorization of Master 1536
82 80. Continuation of insolvent’s business 240
83 79. Subsistence allowance for insolvent and family 344
84 78. Extension of time for payment or compounding of debts due to estate, and arbitration 237
85 77. Recovery of debts due to estate 267
86 76. Continuance of pending legal proceedings by surviving or new trustee 275
87 75. Legal proceedings against estate 240
88 74. Improper advising or conduct of legal proceedings 240
89 73. Trustee may obtain legal assistance 239
90 72. Unlawful retention of moneys or use of property by trustee 256
91 71. Record of all receipts 258
92 70. Banking accounts and investments 262
93 69. Trustee must take charge of property of estate 329
94 68. Presumption as to record of proceedings and validity of acts at meetings of creditors 228
95 67. Steps to be taken on suspicion of an offence 313
96 66. Enforcing summonses and giving of evidence 363
97 65. Interrogation of insolvent and other witnesses 613
98 64. Insolvent and others to attend meetings of creditors 235
99 63. Remuneration of trustee or curator bonis 286
100 62. Election of new trustee 268
101 61. Leave of absence or resignation of trustee 294
102 60. Removal of trustee by Master 304
103 59. Court may declare a person disqualified from being a trustee, or remove a trustee 239
104 58. Vacation of office of trustee 228
105 57. Appointment of trustee or co-trustee by Master 240
106 56. Appointment of trustee 273
107 55. Persons disqualified from being trustees 258
108 54. Election of trustee 594
109 53. Questions upon which creditors may vote 480
110 52. Voting at meeting of creditors 345
111 51. Withdrawal of claim already proved against estate 261
112 50. Arrear interest. Debt due after sequestration 333
113 49. Claims against partnership distinct from claims against partners 244
114 48. Proof of conditional claim 274
115 47. Right of retention and landlord’s legal hypothec 448
116 46. Set-off 615
117 45. Trustee to examine claims 301
118 44. Proof of liquidated claims against estate 392
119 43. A creditor may register his name and address with trustee 279
120 42. Special meetings of creditors 367
121 41. General meetings of creditors 263
122 40. First and second meetings of creditors 301
123 39. Time and place of meetings of creditors 297
124 38. Effect of sequestration on contract of service 304
125 37. Effect of sequestration upon a lease 292
126 36. Goods not paid for which debtor purchased not on credit 389
127 35B. Agreements providing for termination and netting 393
128 35A. Transactions on an exchange 242
129 35. Uncompleted acquisition of immovable property before sequestration 276
130 34. Voidable sale of business 283
131 33. Improper disposition does not affect certain rights 549
132 32. Proceedings to set aside improper disposition 251
133 31. Collusive dealings before sequestration 355
134 30. Undue preference to creditors 311
135 29. Voidable preferences. 714
136 27. Antenuptial contracts 251
137 26. Disposition without value 409
138 25. Estate to remain vested in trustee until composition or rehabilitation 245
139 24. Provisions relating to property in possession of insolvent after sequestration 264
140 23. Rights and obligations of insolvent during sequestration 263
141 22. Payment of debts after sequestration 285
142 21. Effect of sequestration on property of spouse of insolvent 239
143 20. Effect of sequestration on insolvent’s property 282
144 19. Attachment of property by deputy sheriff 368
145 18B. Trustee may cause caveat to be entered 251
146 18A. Trustee to furnish particulars of insolvent 279
147 18. Appointment of provisional trustee by Master 272
148 17. Notice of sequestration. 272
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 289
150 15. Compensation to debtor if petition is an abuse of court’s procedure or malicious or vexatious 294
151 14. Petitioning creditor to prosecute sequestration proceedings until trustee appointed 267
152 13. Sequestration of partnership estate 233
153 12. Final sequestration or dismissal of petition for sequestration 244
154 11. Service of rule nisi 339
155 10. Provisional sequestration. 239
156 9. Petition for sequestration of estate 241
157 8. Acts of insolvency 782
158 7. Withdrawal of notice of surrender.—(1) 239
159 6. Acceptance by court of surrender of estate. 1038
160 5. Prohibition of sale in execution of property of estate after publication of notice of surrender and appointment of curator bonis 253
161 4. Notice of surrender and lodging at Master’s office of statement of debtor’s affairs 283
162 3. Petition for acceptance of surrender of estate. 244
163 2. Definitions 282
164 Section 1 the Insolvency Act 324
 

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