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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)) 618
2 158. Regulations and policy 424
3 157. Formal defects 328
4 156. Insurer obliged to pay third party’s claim against insolvent 356
5 155. Destruction of documents. 363
6 154. Custody of documents 453
7 153. Fees of office and certain costs 365
8 152. Master may direct trustee to deliver documents or property or call upon any person to furnish certain information 415
9 151bis. Costs of review 335
10 151. Review 354
11 150. Appeal 485
12 149. Jurisdiction of the court 365
13 146. Evidence of liability incurred by insolvent. 326
14 145. Obstructing trustee 386
15 144. Criminal liability of trustee for neglect of certain duties 427
16 143. Criminal liability of partners, administrators, servants or agents 351
17 142. Removing or concealing property to defeat an attachment or failure to disclose property 386
18 141. Acceptance of consideration for certain illegal acts or omissions 374
19 140. Failure of insolvent or spouse to appear to give evidence 318
20 139. Failure to appear or to give evidence or giving false evidence 332
21 138bis. Presumption in case of prosecution for failure to notify change of address 307
22 138. Failure to attend meetings of creditors or give certain information 290
23 137. Obtaining credit during insolvency, offering inducements 331
24 136. Failure to give information or to deliver assets, books, etc 304
25 135. Undue preferences, contracting debts without expectation of ability to pay, etc 309
26 134. Failure to keep proper records 286
27 133. Concealment of liabilities or pretext to existence of assets 284
28 132. Concealing or destroying books or assets 274
29 131. Recovery of penalty 254
30 130. Illegal inducements to vote for composition or not to oppose rehabilitation 274
31 129. Effect of rehabilitation 312
32 128. Partnership cannot be rehabilitated 288
33 127A. Rehabilitation by effluxion of time 324
34 127. Opposition to or refusal by court of rehabilitation 246
35 126. Facts to be averred on application for rehabilitation 280
36 125. Security to be furnished prior to application for rehabilitation 321
37 124. Application for rehabilitation 376
38 123. Functions of trustee under composition 310
39 122. Effect of composition on spouse of the insolvent 270
40 121. If insolvent partner enters into composition, trustee of partnership estate may take over his estate. 432
41 120. Effect of composition 301
42 119. Composition 326
43 118. Enforcing payment of contributions 267
44 117. Enforcement of order of court 276
45 116bis. Failure by trustee to submit account or to perform duties 309
46 116. Surplus to be paid into Guardians’ Fund until rehabilitation of insolvent 263
47 114. Trustee to produce acquittance s for dividends or to pay over unpaid dividends to Master 306
48 113. Distribution of estate and collection of contribution from creditors 326
49 112. Confirmation of trustee’s accounts 269
50 111. Objections to trustee’s account 265
51 110. Compelling trustee to submit accounts 291
52 109. Extension of period for submission of account by trustee 250
53 108. Inspection of trustee’s accounts by creditors 270
54 107. Trustee’s account to be signed and verified 249
55 106. Contributions by creditors towards cost of sequestration when free residue insufficient 278
56 105. Form of plan of contribution 283
57 104. Late proof of claims 290
58 103. Non-preferent claims 327
59 102. Preference under a general bond 307
60 101. Preference in regard to taxes on persons or the incomes or profits of persons 292
61 99. Preference in regard to certain statutory obligations 617
62 98A. Salaries or wages of former employees of insolvent 313
63 98. Costs of execution 303
64 97. Cost of sequestration 395
65 96. Funeral and death-bed expenses 283
66 95. Application of proceeds of securities 307
67 94. Form of plan of distribution 295
68 93. Trading account 380
69 92. Manner of framing liquidation account 310
70 91. Liquidation account and plan of distribution or contribution 318
71 90. Land Bank not affected by this Act 343
72 89. Costs to which securities are subject 345
73 88. Certain mortgages are invalid 297
74 87. Ranking of mortgages for future debts 320
75 86. Effect of general bond and general clause 267
76 85. Exclusion or limitation of preference under legal hypothec 314
77 84. Special provisions in case of goods delivered to a debtor in terms of an instalment agreement. 302
78 83. Realization of securities for claims 320
79 82. Sale of property after second meeting and manner of sale 502
80 81. Trustees report to creditors 355
81 80bis. Sale of movable or immovable property on authorization of Master 1719
82 80. Continuation of insolvent’s business 279
83 79. Subsistence allowance for insolvent and family 383
84 78. Extension of time for payment or compounding of debts due to estate, and arbitration 276
85 77. Recovery of debts due to estate 299
86 76. Continuance of pending legal proceedings by surviving or new trustee 322
87 75. Legal proceedings against estate 275
88 74. Improper advising or conduct of legal proceedings 270
89 73. Trustee may obtain legal assistance 271
90 72. Unlawful retention of moneys or use of property by trustee 294
91 71. Record of all receipts 295
92 70. Banking accounts and investments 301
93 69. Trustee must take charge of property of estate 366
94 68. Presumption as to record of proceedings and validity of acts at meetings of creditors 263
95 67. Steps to be taken on suspicion of an offence 360
96 66. Enforcing summonses and giving of evidence 407
97 65. Interrogation of insolvent and other witnesses 803
98 64. Insolvent and others to attend meetings of creditors 269
99 63. Remuneration of trustee or curator bonis 323
100 62. Election of new trustee 303
101 61. Leave of absence or resignation of trustee 337
102 60. Removal of trustee by Master 351
103 59. Court may declare a person disqualified from being a trustee, or remove a trustee 275
104 58. Vacation of office of trustee 272
105 57. Appointment of trustee or co-trustee by Master 284
106 56. Appointment of trustee 318
107 55. Persons disqualified from being trustees 296
108 54. Election of trustee 631
109 53. Questions upon which creditors may vote 512
110 52. Voting at meeting of creditors 379
111 51. Withdrawal of claim already proved against estate 301
112 50. Arrear interest. Debt due after sequestration 382
113 49. Claims against partnership distinct from claims against partners 278
114 48. Proof of conditional claim 318
115 47. Right of retention and landlord’s legal hypothec 483
116 46. Set-off 719
117 45. Trustee to examine claims 334
118 44. Proof of liquidated claims against estate 471
119 43. A creditor may register his name and address with trustee 315
120 42. Special meetings of creditors 407
121 41. General meetings of creditors 315
122 40. First and second meetings of creditors 342
123 39. Time and place of meetings of creditors 341
124 38. Effect of sequestration on contract of service 360
125 37. Effect of sequestration upon a lease 334
126 36. Goods not paid for which debtor purchased not on credit 441
127 35B. Agreements providing for termination and netting 505
128 35A. Transactions on an exchange 297
129 35. Uncompleted acquisition of immovable property before sequestration 334
130 34. Voidable sale of business 355
131 33. Improper disposition does not affect certain rights 612
132 32. Proceedings to set aside improper disposition 307
133 31. Collusive dealings before sequestration 443
134 30. Undue preference to creditors 375
135 29. Voidable preferences. 794
136 27. Antenuptial contracts 313
137 26. Disposition without value 473
138 25. Estate to remain vested in trustee until composition or rehabilitation 316
139 24. Provisions relating to property in possession of insolvent after sequestration 345
140 23. Rights and obligations of insolvent during sequestration 330
141 22. Payment of debts after sequestration 373
142 21. Effect of sequestration on property of spouse of insolvent 302
143 20. Effect of sequestration on insolvent’s property 338
144 19. Attachment of property by deputy sheriff 429
145 18B. Trustee may cause caveat to be entered 301
146 18A. Trustee to furnish particulars of insolvent 324
147 18. Appointment of provisional trustee by Master 312
148 17. Notice of sequestration. 319
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 336
150 15. Compensation to debtor if petition is an abuse of court’s procedure or malicious or vexatious 335
151 14. Petitioning creditor to prosecute sequestration proceedings until trustee appointed 310
152 13. Sequestration of partnership estate 308
153 12. Final sequestration or dismissal of petition for sequestration 283
154 11. Service of rule nisi 377
155 10. Provisional sequestration. 278
156 9. Petition for sequestration of estate 303
157 8. Acts of insolvency 898
158 7. Withdrawal of notice of surrender.—(1) 278
159 6. Acceptance by court of surrender of estate. 1071
160 5. Prohibition of sale in execution of property of estate after publication of notice of surrender and appointment of curator bonis 289
161 4. Notice of surrender and lodging at Master’s office of statement of debtor’s affairs 322
162 3. Petition for acceptance of surrender of estate. 321
163 2. Definitions 336
164 Section 1 the Insolvency Act 372
 

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