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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)) 635
2 158. Regulations and policy 455
3 157. Formal defects 338
4 156. Insurer obliged to pay third party’s claim against insolvent 372
5 155. Destruction of documents. 375
6 154. Custody of documents 468
7 153. Fees of office and certain costs 378
8 152. Master may direct trustee to deliver documents or property or call upon any person to furnish certain information 427
9 151bis. Costs of review 351
10 151. Review 368
11 150. Appeal 496
12 149. Jurisdiction of the court 378
13 146. Evidence of liability incurred by insolvent. 336
14 145. Obstructing trustee 397
15 144. Criminal liability of trustee for neglect of certain duties 437
16 143. Criminal liability of partners, administrators, servants or agents 361
17 142. Removing or concealing property to defeat an attachment or failure to disclose property 395
18 141. Acceptance of consideration for certain illegal acts or omissions 384
19 140. Failure of insolvent or spouse to appear to give evidence 330
20 139. Failure to appear or to give evidence or giving false evidence 342
21 138bis. Presumption in case of prosecution for failure to notify change of address 317
22 138. Failure to attend meetings of creditors or give certain information 301
23 137. Obtaining credit during insolvency, offering inducements 338
24 136. Failure to give information or to deliver assets, books, etc 314
25 135. Undue preferences, contracting debts without expectation of ability to pay, etc 317
26 134. Failure to keep proper records 295
27 133. Concealment of liabilities or pretext to existence of assets 294
28 132. Concealing or destroying books or assets 281
29 131. Recovery of penalty 262
30 130. Illegal inducements to vote for composition or not to oppose rehabilitation 283
31 129. Effect of rehabilitation 320
32 128. Partnership cannot be rehabilitated 296
33 127A. Rehabilitation by effluxion of time 334
34 127. Opposition to or refusal by court of rehabilitation 253
35 126. Facts to be averred on application for rehabilitation 288
36 125. Security to be furnished prior to application for rehabilitation 329
37 124. Application for rehabilitation 385
38 123. Functions of trustee under composition 318
39 122. Effect of composition on spouse of the insolvent 278
40 121. If insolvent partner enters into composition, trustee of partnership estate may take over his estate. 443
41 120. Effect of composition 308
42 119. Composition 336
43 118. Enforcing payment of contributions 275
44 117. Enforcement of order of court 283
45 116bis. Failure by trustee to submit account or to perform duties 322
46 116. Surplus to be paid into Guardians’ Fund until rehabilitation of insolvent 271
47 114. Trustee to produce acquittance s for dividends or to pay over unpaid dividends to Master 322
48 113. Distribution of estate and collection of contribution from creditors 334
49 112. Confirmation of trustee’s accounts 278
50 111. Objections to trustee’s account 274
51 110. Compelling trustee to submit accounts 300
52 109. Extension of period for submission of account by trustee 261
53 108. Inspection of trustee’s accounts by creditors 279
54 107. Trustee’s account to be signed and verified 260
55 106. Contributions by creditors towards cost of sequestration when free residue insufficient 285
56 105. Form of plan of contribution 293
57 104. Late proof of claims 300
58 103. Non-preferent claims 355
59 102. Preference under a general bond 318
60 101. Preference in regard to taxes on persons or the incomes or profits of persons 300
61 99. Preference in regard to certain statutory obligations 624
62 98A. Salaries or wages of former employees of insolvent 336
63 98. Costs of execution 312
64 97. Cost of sequestration 408
65 96. Funeral and death-bed expenses 293
66 95. Application of proceeds of securities 318
67 94. Form of plan of distribution 304
68 93. Trading account 388
69 92. Manner of framing liquidation account 338
70 91. Liquidation account and plan of distribution or contribution 352
71 90. Land Bank not affected by this Act 351
72 89. Costs to which securities are subject 392
73 88. Certain mortgages are invalid 304
74 87. Ranking of mortgages for future debts 329
75 86. Effect of general bond and general clause 276
76 85. Exclusion or limitation of preference under legal hypothec 323
77 84. Special provisions in case of goods delivered to a debtor in terms of an instalment agreement. 311
78 83. Realization of securities for claims 329
79 82. Sale of property after second meeting and manner of sale 509
80 81. Trustees report to creditors 378
81 80bis. Sale of movable or immovable property on authorization of Master 1770
82 80. Continuation of insolvent’s business 287
83 79. Subsistence allowance for insolvent and family 391
84 78. Extension of time for payment or compounding of debts due to estate, and arbitration 285
85 77. Recovery of debts due to estate 310
86 76. Continuance of pending legal proceedings by surviving or new trustee 332
87 75. Legal proceedings against estate 283
88 74. Improper advising or conduct of legal proceedings 278
89 73. Trustee may obtain legal assistance 281
90 72. Unlawful retention of moneys or use of property by trustee 302
91 71. Record of all receipts 304
92 70. Banking accounts and investments 309
93 69. Trustee must take charge of property of estate 376
94 68. Presumption as to record of proceedings and validity of acts at meetings of creditors 273
95 67. Steps to be taken on suspicion of an offence 368
96 66. Enforcing summonses and giving of evidence 415
97 65. Interrogation of insolvent and other witnesses 842
98 64. Insolvent and others to attend meetings of creditors 277
99 63. Remuneration of trustee or curator bonis 334
100 62. Election of new trustee 312
101 61. Leave of absence or resignation of trustee 344
102 60. Removal of trustee by Master 363
103 59. Court may declare a person disqualified from being a trustee, or remove a trustee 284
104 58. Vacation of office of trustee 282
105 57. Appointment of trustee or co-trustee by Master 292
106 56. Appointment of trustee 328
107 55. Persons disqualified from being trustees 303
108 54. Election of trustee 638
109 53. Questions upon which creditors may vote 519
110 52. Voting at meeting of creditors 389
111 51. Withdrawal of claim already proved against estate 308
112 50. Arrear interest. Debt due after sequestration 393
113 49. Claims against partnership distinct from claims against partners 288
114 48. Proof of conditional claim 327
115 47. Right of retention and landlord’s legal hypothec 492
116 46. Set-off 765
117 45. Trustee to examine claims 343
118 44. Proof of liquidated claims against estate 503
119 43. A creditor may register his name and address with trustee 323
120 42. Special meetings of creditors 416
121 41. General meetings of creditors 330
122 40. First and second meetings of creditors 353
123 39. Time and place of meetings of creditors 348
124 38. Effect of sequestration on contract of service 368
125 37. Effect of sequestration upon a lease 343
126 36. Goods not paid for which debtor purchased not on credit 452
127 35B. Agreements providing for termination and netting 543
128 35A. Transactions on an exchange 317
129 35. Uncompleted acquisition of immovable property before sequestration 354
130 34. Voidable sale of business 379
131 33. Improper disposition does not affect certain rights 631
132 32. Proceedings to set aside improper disposition 327
133 31. Collusive dealings before sequestration 472
134 30. Undue preference to creditors 395
135 29. Voidable preferences. 817
136 27. Antenuptial contracts 335
137 26. Disposition without value 493
138 25. Estate to remain vested in trustee until composition or rehabilitation 340
139 24. Provisions relating to property in possession of insolvent after sequestration 382
140 23. Rights and obligations of insolvent during sequestration 350
141 22. Payment of debts after sequestration 389
142 21. Effect of sequestration on property of spouse of insolvent 317
143 20. Effect of sequestration on insolvent’s property 355
144 19. Attachment of property by deputy sheriff 449
145 18B. Trustee may cause caveat to be entered 318
146 18A. Trustee to furnish particulars of insolvent 338
147 18. Appointment of provisional trustee by Master 325
148 17. Notice of sequestration. 338
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 348
150 15. Compensation to debtor if petition is an abuse of court’s procedure or malicious or vexatious 345
151 14. Petitioning creditor to prosecute sequestration proceedings until trustee appointed 319
152 13. Sequestration of partnership estate 343
153 12. Final sequestration or dismissal of petition for sequestration 291
154 11. Service of rule nisi 386
155 10. Provisional sequestration. 287
156 9. Petition for sequestration of estate 322
157 8. Acts of insolvency 950
158 7. Withdrawal of notice of surrender.—(1) 289
159 6. Acceptance by court of surrender of estate. 1080
160 5. Prohibition of sale in execution of property of estate after publication of notice of surrender and appointment of curator bonis 313
161 4. Notice of surrender and lodging at Master’s office of statement of debtor’s affairs 329
162 3. Petition for acceptance of surrender of estate. 342
163 2. Definitions 350
164 Section 1 the Insolvency Act 381
 

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