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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)) 603
2 158. Regulations and policy 407
3 157. Formal defects 311
4 156. Insurer obliged to pay third party’s claim against insolvent 341
5 155. Destruction of documents. 351
6 154. Custody of documents 437
7 153. Fees of office and certain costs 348
8 152. Master may direct trustee to deliver documents or property or call upon any person to furnish certain information 401
9 151bis. Costs of review 320
10 151. Review 342
11 150. Appeal 471
12 149. Jurisdiction of the court 352
13 146. Evidence of liability incurred by insolvent. 305
14 145. Obstructing trustee 374
15 144. Criminal liability of trustee for neglect of certain duties 414
16 143. Criminal liability of partners, administrators, servants or agents 335
17 142. Removing or concealing property to defeat an attachment or failure to disclose property 373
18 141. Acceptance of consideration for certain illegal acts or omissions 359
19 140. Failure of insolvent or spouse to appear to give evidence 307
20 139. Failure to appear or to give evidence or giving false evidence 318
21 138bis. Presumption in case of prosecution for failure to notify change of address 293
22 138. Failure to attend meetings of creditors or give certain information 277
23 137. Obtaining credit during insolvency, offering inducements 317
24 136. Failure to give information or to deliver assets, books, etc 294
25 135. Undue preferences, contracting debts without expectation of ability to pay, etc 298
26 134. Failure to keep proper records 276
27 133. Concealment of liabilities or pretext to existence of assets 274
28 132. Concealing or destroying books or assets 262
29 131. Recovery of penalty 241
30 130. Illegal inducements to vote for composition or not to oppose rehabilitation 261
31 129. Effect of rehabilitation 301
32 128. Partnership cannot be rehabilitated 277
33 127A. Rehabilitation by effluxion of time 309
34 127. Opposition to or refusal by court of rehabilitation 235
35 126. Facts to be averred on application for rehabilitation 268
36 125. Security to be furnished prior to application for rehabilitation 308
37 124. Application for rehabilitation 364
38 123. Functions of trustee under composition 298
39 122. Effect of composition on spouse of the insolvent 253
40 121. If insolvent partner enters into composition, trustee of partnership estate may take over his estate. 418
41 120. Effect of composition 286
42 119. Composition 314
43 118. Enforcing payment of contributions 252
44 117. Enforcement of order of court 261
45 116bis. Failure by trustee to submit account or to perform duties 296
46 116. Surplus to be paid into Guardians’ Fund until rehabilitation of insolvent 249
47 114. Trustee to produce acquittance s for dividends or to pay over unpaid dividends to Master 293
48 113. Distribution of estate and collection of contribution from creditors 316
49 112. Confirmation of trustee’s accounts 257
50 111. Objections to trustee’s account 251
51 110. Compelling trustee to submit accounts 279
52 109. Extension of period for submission of account by trustee 239
53 108. Inspection of trustee’s accounts by creditors 260
54 107. Trustee’s account to be signed and verified 234
55 106. Contributions by creditors towards cost of sequestration when free residue insufficient 268
56 105. Form of plan of contribution 267
57 104. Late proof of claims 277
58 103. Non-preferent claims 317
59 102. Preference under a general bond 293
60 101. Preference in regard to taxes on persons or the incomes or profits of persons 278
61 99. Preference in regard to certain statutory obligations 609
62 98A. Salaries or wages of former employees of insolvent 289
63 98. Costs of execution 294
64 97. Cost of sequestration 382
65 96. Funeral and death-bed expenses 272
66 95. Application of proceeds of securities 298
67 94. Form of plan of distribution 284
68 93. Trading account 366
69 92. Manner of framing liquidation account 281
70 91. Liquidation account and plan of distribution or contribution 285
71 90. Land Bank not affected by this Act 333
72 89. Costs to which securities are subject 313
73 88. Certain mortgages are invalid 288
74 87. Ranking of mortgages for future debts 302
75 86. Effect of general bond and general clause 257
76 85. Exclusion or limitation of preference under legal hypothec 303
77 84. Special provisions in case of goods delivered to a debtor in terms of an instalment agreement. 291
78 83. Realization of securities for claims 299
79 82. Sale of property after second meeting and manner of sale 490
80 81. Trustees report to creditors 329
81 80bis. Sale of movable or immovable property on authorization of Master 1642
82 80. Continuation of insolvent’s business 263
83 79. Subsistence allowance for insolvent and family 373
84 78. Extension of time for payment or compounding of debts due to estate, and arbitration 261
85 77. Recovery of debts due to estate 289
86 76. Continuance of pending legal proceedings by surviving or new trustee 309
87 75. Legal proceedings against estate 267
88 74. Improper advising or conduct of legal proceedings 261
89 73. Trustee may obtain legal assistance 264
90 72. Unlawful retention of moneys or use of property by trustee 285
91 71. Record of all receipts 283
92 70. Banking accounts and investments 289
93 69. Trustee must take charge of property of estate 354
94 68. Presumption as to record of proceedings and validity of acts at meetings of creditors 253
95 67. Steps to be taken on suspicion of an offence 336
96 66. Enforcing summonses and giving of evidence 395
97 65. Interrogation of insolvent and other witnesses 719
98 64. Insolvent and others to attend meetings of creditors 258
99 63. Remuneration of trustee or curator bonis 310
100 62. Election of new trustee 291
101 61. Leave of absence or resignation of trustee 324
102 60. Removal of trustee by Master 337
103 59. Court may declare a person disqualified from being a trustee, or remove a trustee 263
104 58. Vacation of office of trustee 258
105 57. Appointment of trustee or co-trustee by Master 272
106 56. Appointment of trustee 302
107 55. Persons disqualified from being trustees 285
108 54. Election of trustee 620
109 53. Questions upon which creditors may vote 502
110 52. Voting at meeting of creditors 371
111 51. Withdrawal of claim already proved against estate 291
112 50. Arrear interest. Debt due after sequestration 371
113 49. Claims against partnership distinct from claims against partners 265
114 48. Proof of conditional claim 301
115 47. Right of retention and landlord’s legal hypothec 472
116 46. Set-off 673
117 45. Trustee to examine claims 324
118 44. Proof of liquidated claims against estate 433
119 43. A creditor may register his name and address with trustee 305
120 42. Special meetings of creditors 394
121 41. General meetings of creditors 297
122 40. First and second meetings of creditors 329
123 39. Time and place of meetings of creditors 322
124 38. Effect of sequestration on contract of service 338
125 37. Effect of sequestration upon a lease 319
126 36. Goods not paid for which debtor purchased not on credit 422
127 35B. Agreements providing for termination and netting 466
128 35A. Transactions on an exchange 271
129 35. Uncompleted acquisition of immovable property before sequestration 308
130 34. Voidable sale of business 329
131 33. Improper disposition does not affect certain rights 588
132 32. Proceedings to set aside improper disposition 279
133 31. Collusive dealings before sequestration 411
134 30. Undue preference to creditors 346
135 29. Voidable preferences. 755
136 27. Antenuptial contracts 282
137 26. Disposition without value 441
138 25. Estate to remain vested in trustee until composition or rehabilitation 280
139 24. Provisions relating to property in possession of insolvent after sequestration 308
140 23. Rights and obligations of insolvent during sequestration 300
141 22. Payment of debts after sequestration 323
142 21. Effect of sequestration on property of spouse of insolvent 270
143 20. Effect of sequestration on insolvent’s property 310
144 19. Attachment of property by deputy sheriff 410
145 18B. Trustee may cause caveat to be entered 282
146 18A. Trustee to furnish particulars of insolvent 310
147 18. Appointment of provisional trustee by Master 300
148 17. Notice of sequestration. 307
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 321
150 15. Compensation to debtor if petition is an abuse of court’s procedure or malicious or vexatious 322
151 14. Petitioning creditor to prosecute sequestration proceedings until trustee appointed 297
152 13. Sequestration of partnership estate 269
153 12. Final sequestration or dismissal of petition for sequestration 272
154 11. Service of rule nisi 365
155 10. Provisional sequestration. 263
156 9. Petition for sequestration of estate 273
157 8. Acts of insolvency 855
158 7. Withdrawal of notice of surrender.—(1) 265
159 6. Acceptance by court of surrender of estate. 1061
160 5. Prohibition of sale in execution of property of estate after publication of notice of surrender and appointment of curator bonis 275
161 4. Notice of surrender and lodging at Master’s office of statement of debtor’s affairs 307
162 3. Petition for acceptance of surrender of estate. 281
163 2. Definitions 315
164 Section 1 the Insolvency Act 358
 

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