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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)) 593
2 158. Regulations and policy 399
3 157. Formal defects 303
4 156. Insurer obliged to pay third party’s claim against insolvent 332
5 155. Destruction of documents. 343
6 154. Custody of documents 424
7 153. Fees of office and certain costs 340
8 152. Master may direct trustee to deliver documents or property or call upon any person to furnish certain information 389
9 151bis. Costs of review 313
10 151. Review 333
11 150. Appeal 463
12 149. Jurisdiction of the court 343
13 146. Evidence of liability incurred by insolvent. 297
14 145. Obstructing trustee 365
15 144. Criminal liability of trustee for neglect of certain duties 406
16 143. Criminal liability of partners, administrators, servants or agents 327
17 142. Removing or concealing property to defeat an attachment or failure to disclose property 364
18 141. Acceptance of consideration for certain illegal acts or omissions 352
19 140. Failure of insolvent or spouse to appear to give evidence 300
20 139. Failure to appear or to give evidence or giving false evidence 304
21 138bis. Presumption in case of prosecution for failure to notify change of address 281
22 138. Failure to attend meetings of creditors or give certain information 270
23 137. Obtaining credit during insolvency, offering inducements 312
24 136. Failure to give information or to deliver assets, books, etc 287
25 135. Undue preferences, contracting debts without expectation of ability to pay, etc 293
26 134. Failure to keep proper records 271
27 133. Concealment of liabilities or pretext to existence of assets 268
28 132. Concealing or destroying books or assets 255
29 131. Recovery of penalty 235
30 130. Illegal inducements to vote for composition or not to oppose rehabilitation 253
31 129. Effect of rehabilitation 296
32 128. Partnership cannot be rehabilitated 272
33 127A. Rehabilitation by effluxion of time 302
34 127. Opposition to or refusal by court of rehabilitation 230
35 126. Facts to be averred on application for rehabilitation 259
36 125. Security to be furnished prior to application for rehabilitation 302
37 124. Application for rehabilitation 360
38 123. Functions of trustee under composition 292
39 122. Effect of composition on spouse of the insolvent 247
40 121. If insolvent partner enters into composition, trustee of partnership estate may take over his estate. 407
41 120. Effect of composition 278
42 119. Composition 309
43 118. Enforcing payment of contributions 248
44 117. Enforcement of order of court 254
45 116bis. Failure by trustee to submit account or to perform duties 286
46 116. Surplus to be paid into Guardians’ Fund until rehabilitation of insolvent 239
47 114. Trustee to produce acquittance s for dividends or to pay over unpaid dividends to Master 287
48 113. Distribution of estate and collection of contribution from creditors 310
49 112. Confirmation of trustee’s accounts 251
50 111. Objections to trustee’s account 243
51 110. Compelling trustee to submit accounts 271
52 109. Extension of period for submission of account by trustee 230
53 108. Inspection of trustee’s accounts by creditors 254
54 107. Trustee’s account to be signed and verified 226
55 106. Contributions by creditors towards cost of sequestration when free residue insufficient 260
56 105. Form of plan of contribution 255
57 104. Late proof of claims 264
58 103. Non-preferent claims 310
59 102. Preference under a general bond 287
60 101. Preference in regard to taxes on persons or the incomes or profits of persons 264
61 99. Preference in regard to certain statutory obligations 596
62 98A. Salaries or wages of former employees of insolvent 277
63 98. Costs of execution 287
64 97. Cost of sequestration 372
65 96. Funeral and death-bed expenses 262
66 95. Application of proceeds of securities 291
67 94. Form of plan of distribution 277
68 93. Trading account 354
69 92. Manner of framing liquidation account 275
70 91. Liquidation account and plan of distribution or contribution 277
71 90. Land Bank not affected by this Act 326
72 89. Costs to which securities are subject 303
73 88. Certain mortgages are invalid 281
74 87. Ranking of mortgages for future debts 296
75 86. Effect of general bond and general clause 251
76 85. Exclusion or limitation of preference under legal hypothec 297
77 84. Special provisions in case of goods delivered to a debtor in terms of an instalment agreement. 286
78 83. Realization of securities for claims 288
79 82. Sale of property after second meeting and manner of sale 477
80 81. Trustees report to creditors 310
81 80bis. Sale of movable or immovable property on authorization of Master 1601
82 80. Continuation of insolvent’s business 256
83 79. Subsistence allowance for insolvent and family 364
84 78. Extension of time for payment or compounding of debts due to estate, and arbitration 253
85 77. Recovery of debts due to estate 283
86 76. Continuance of pending legal proceedings by surviving or new trustee 292
87 75. Legal proceedings against estate 257
88 74. Improper advising or conduct of legal proceedings 255
89 73. Trustee may obtain legal assistance 255
90 72. Unlawful retention of moneys or use of property by trustee 276
91 71. Record of all receipts 275
92 70. Banking accounts and investments 281
93 69. Trustee must take charge of property of estate 347
94 68. Presumption as to record of proceedings and validity of acts at meetings of creditors 247
95 67. Steps to be taken on suspicion of an offence 330
96 66. Enforcing summonses and giving of evidence 385
97 65. Interrogation of insolvent and other witnesses 668
98 64. Insolvent and others to attend meetings of creditors 253
99 63. Remuneration of trustee or curator bonis 302
100 62. Election of new trustee 285
101 61. Leave of absence or resignation of trustee 316
102 60. Removal of trustee by Master 326
103 59. Court may declare a person disqualified from being a trustee, or remove a trustee 257
104 58. Vacation of office of trustee 248
105 57. Appointment of trustee or co-trustee by Master 260
106 56. Appointment of trustee 294
107 55. Persons disqualified from being trustees 275
108 54. Election of trustee 610
109 53. Questions upon which creditors may vote 496
110 52. Voting at meeting of creditors 363
111 51. Withdrawal of claim already proved against estate 279
112 50. Arrear interest. Debt due after sequestration 364
113 49. Claims against partnership distinct from claims against partners 261
114 48. Proof of conditional claim 293
115 47. Right of retention and landlord’s legal hypothec 466
116 46. Set-off 653
117 45. Trustee to examine claims 318
118 44. Proof of liquidated claims against estate 414
119 43. A creditor may register his name and address with trustee 296
120 42. Special meetings of creditors 386
121 41. General meetings of creditors 285
122 40. First and second meetings of creditors 320
123 39. Time and place of meetings of creditors 316
124 38. Effect of sequestration on contract of service 323
125 37. Effect of sequestration upon a lease 311
126 36. Goods not paid for which debtor purchased not on credit 411
127 35B. Agreements providing for termination and netting 426
128 35A. Transactions on an exchange 266
129 35. Uncompleted acquisition of immovable property before sequestration 298
130 34. Voidable sale of business 319
131 33. Improper disposition does not affect certain rights 581
132 32. Proceedings to set aside improper disposition 269
133 31. Collusive dealings before sequestration 397
134 30. Undue preference to creditors 333
135 29. Voidable preferences. 745
136 27. Antenuptial contracts 269
137 26. Disposition without value 427
138 25. Estate to remain vested in trustee until composition or rehabilitation 267
139 24. Provisions relating to property in possession of insolvent after sequestration 292
140 23. Rights and obligations of insolvent during sequestration 284
141 22. Payment of debts after sequestration 314
142 21. Effect of sequestration on property of spouse of insolvent 259
143 20. Effect of sequestration on insolvent’s property 304
144 19. Attachment of property by deputy sheriff 394
145 18B. Trustee may cause caveat to be entered 272
146 18A. Trustee to furnish particulars of insolvent 303
147 18. Appointment of provisional trustee by Master 292
148 17. Notice of sequestration. 296
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 312
150 15. Compensation to debtor if petition is an abuse of court’s procedure or malicious or vexatious 315
151 14. Petitioning creditor to prosecute sequestration proceedings until trustee appointed 289
152 13. Sequestration of partnership estate 250
153 12. Final sequestration or dismissal of petition for sequestration 266
154 11. Service of rule nisi 357
155 10. Provisional sequestration. 256
156 9. Petition for sequestration of estate 260
157 8. Acts of insolvency 834
158 7. Withdrawal of notice of surrender.—(1) 257
159 6. Acceptance by court of surrender of estate. 1055
160 5. Prohibition of sale in execution of property of estate after publication of notice of surrender and appointment of curator bonis 269
161 4. Notice of surrender and lodging at Master’s office of statement of debtor’s affairs 301
162 3. Petition for acceptance of surrender of estate. 268
163 2. Definitions 301
164 Section 1 the Insolvency Act 346
 

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