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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)) 595
2 158. Regulations and policy 401
3 157. Formal defects 305
4 156. Insurer obliged to pay third party’s claim against insolvent 335
5 155. Destruction of documents. 346
6 154. Custody of documents 426
7 153. Fees of office and certain costs 343
8 152. Master may direct trustee to deliver documents or property or call upon any person to furnish certain information 392
9 151bis. Costs of review 315
10 151. Review 335
11 150. Appeal 466
12 149. Jurisdiction of the court 345
13 146. Evidence of liability incurred by insolvent. 300
14 145. Obstructing trustee 367
15 144. Criminal liability of trustee for neglect of certain duties 408
16 143. Criminal liability of partners, administrators, servants or agents 329
17 142. Removing or concealing property to defeat an attachment or failure to disclose property 367
18 141. Acceptance of consideration for certain illegal acts or omissions 354
19 140. Failure of insolvent or spouse to appear to give evidence 302
20 139. Failure to appear or to give evidence or giving false evidence 310
21 138bis. Presumption in case of prosecution for failure to notify change of address 284
22 138. Failure to attend meetings of creditors or give certain information 272
23 137. Obtaining credit during insolvency, offering inducements 315
24 136. Failure to give information or to deliver assets, books, etc 289
25 135. Undue preferences, contracting debts without expectation of ability to pay, etc 295
26 134. Failure to keep proper records 274
27 133. Concealment of liabilities or pretext to existence of assets 270
28 132. Concealing or destroying books or assets 257
29 131. Recovery of penalty 239
30 130. Illegal inducements to vote for composition or not to oppose rehabilitation 256
31 129. Effect of rehabilitation 299
32 128. Partnership cannot be rehabilitated 274
33 127A. Rehabilitation by effluxion of time 306
34 127. Opposition to or refusal by court of rehabilitation 232
35 126. Facts to be averred on application for rehabilitation 261
36 125. Security to be furnished prior to application for rehabilitation 305
37 124. Application for rehabilitation 362
38 123. Functions of trustee under composition 296
39 122. Effect of composition on spouse of the insolvent 249
40 121. If insolvent partner enters into composition, trustee of partnership estate may take over his estate. 409
41 120. Effect of composition 280
42 119. Composition 311
43 118. Enforcing payment of contributions 250
44 117. Enforcement of order of court 256
45 116bis. Failure by trustee to submit account or to perform duties 291
46 116. Surplus to be paid into Guardians’ Fund until rehabilitation of insolvent 244
47 114. Trustee to produce acquittance s for dividends or to pay over unpaid dividends to Master 289
48 113. Distribution of estate and collection of contribution from creditors 313
49 112. Confirmation of trustee’s accounts 253
50 111. Objections to trustee’s account 247
51 110. Compelling trustee to submit accounts 274
52 109. Extension of period for submission of account by trustee 232
53 108. Inspection of trustee’s accounts by creditors 257
54 107. Trustee’s account to be signed and verified 229
55 106. Contributions by creditors towards cost of sequestration when free residue insufficient 263
56 105. Form of plan of contribution 259
57 104. Late proof of claims 271
58 103. Non-preferent claims 312
59 102. Preference under a general bond 290
60 101. Preference in regard to taxes on persons or the incomes or profits of persons 267
61 99. Preference in regard to certain statutory obligations 599
62 98A. Salaries or wages of former employees of insolvent 279
63 98. Costs of execution 291
64 97. Cost of sequestration 377
65 96. Funeral and death-bed expenses 264
66 95. Application of proceeds of securities 294
67 94. Form of plan of distribution 279
68 93. Trading account 360
69 92. Manner of framing liquidation account 277
70 91. Liquidation account and plan of distribution or contribution 280
71 90. Land Bank not affected by this Act 328
72 89. Costs to which securities are subject 305
73 88. Certain mortgages are invalid 283
74 87. Ranking of mortgages for future debts 298
75 86. Effect of general bond and general clause 253
76 85. Exclusion or limitation of preference under legal hypothec 299
77 84. Special provisions in case of goods delivered to a debtor in terms of an instalment agreement. 289
78 83. Realization of securities for claims 290
79 82. Sale of property after second meeting and manner of sale 481
80 81. Trustees report to creditors 314
81 80bis. Sale of movable or immovable property on authorization of Master 1607
82 80. Continuation of insolvent’s business 259
83 79. Subsistence allowance for insolvent and family 366
84 78. Extension of time for payment or compounding of debts due to estate, and arbitration 256
85 77. Recovery of debts due to estate 285
86 76. Continuance of pending legal proceedings by surviving or new trustee 304
87 75. Legal proceedings against estate 259
88 74. Improper advising or conduct of legal proceedings 257
89 73. Trustee may obtain legal assistance 257
90 72. Unlawful retention of moneys or use of property by trustee 278
91 71. Record of all receipts 277
92 70. Banking accounts and investments 284
93 69. Trustee must take charge of property of estate 350
94 68. Presumption as to record of proceedings and validity of acts at meetings of creditors 249
95 67. Steps to be taken on suspicion of an offence 333
96 66. Enforcing summonses and giving of evidence 388
97 65. Interrogation of insolvent and other witnesses 677
98 64. Insolvent and others to attend meetings of creditors 256
99 63. Remuneration of trustee or curator bonis 304
100 62. Election of new trustee 287
101 61. Leave of absence or resignation of trustee 318
102 60. Removal of trustee by Master 328
103 59. Court may declare a person disqualified from being a trustee, or remove a trustee 259
104 58. Vacation of office of trustee 252
105 57. Appointment of trustee or co-trustee by Master 262
106 56. Appointment of trustee 297
107 55. Persons disqualified from being trustees 277
108 54. Election of trustee 612
109 53. Questions upon which creditors may vote 498
110 52. Voting at meeting of creditors 366
111 51. Withdrawal of claim already proved against estate 281
112 50. Arrear interest. Debt due after sequestration 366
113 49. Claims against partnership distinct from claims against partners 263
114 48. Proof of conditional claim 297
115 47. Right of retention and landlord’s legal hypothec 468
116 46. Set-off 657
117 45. Trustee to examine claims 320
118 44. Proof of liquidated claims against estate 419
119 43. A creditor may register his name and address with trustee 298
120 42. Special meetings of creditors 388
121 41. General meetings of creditors 288
122 40. First and second meetings of creditors 323
123 39. Time and place of meetings of creditors 318
124 38. Effect of sequestration on contract of service 326
125 37. Effect of sequestration upon a lease 313
126 36. Goods not paid for which debtor purchased not on credit 413
127 35B. Agreements providing for termination and netting 431
128 35A. Transactions on an exchange 268
129 35. Uncompleted acquisition of immovable property before sequestration 301
130 34. Voidable sale of business 321
131 33. Improper disposition does not affect certain rights 583
132 32. Proceedings to set aside improper disposition 272
133 31. Collusive dealings before sequestration 400
134 30. Undue preference to creditors 337
135 29. Voidable preferences. 748
136 27. Antenuptial contracts 273
137 26. Disposition without value 431
138 25. Estate to remain vested in trustee until composition or rehabilitation 270
139 24. Provisions relating to property in possession of insolvent after sequestration 295
140 23. Rights and obligations of insolvent during sequestration 290
141 22. Payment of debts after sequestration 317
142 21. Effect of sequestration on property of spouse of insolvent 262
143 20. Effect of sequestration on insolvent’s property 307
144 19. Attachment of property by deputy sheriff 396
145 18B. Trustee may cause caveat to be entered 275
146 18A. Trustee to furnish particulars of insolvent 306
147 18. Appointment of provisional trustee by Master 296
148 17. Notice of sequestration. 300
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 314
150 15. Compensation to debtor if petition is an abuse of court’s procedure or malicious or vexatious 317
151 14. Petitioning creditor to prosecute sequestration proceedings until trustee appointed 293
152 13. Sequestration of partnership estate 254
153 12. Final sequestration or dismissal of petition for sequestration 269
154 11. Service of rule nisi 359
155 10. Provisional sequestration. 259
156 9. Petition for sequestration of estate 262
157 8. Acts of insolvency 840
158 7. Withdrawal of notice of surrender.—(1) 260
159 6. Acceptance by court of surrender of estate. 1057
160 5. Prohibition of sale in execution of property of estate after publication of notice of surrender and appointment of curator bonis 272
161 4. Notice of surrender and lodging at Master’s office of statement of debtor’s affairs 303
162 3. Petition for acceptance of surrender of estate. 272
163 2. Definitions 303
164 Section 1 the Insolvency Act 351
 

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