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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)) 502
2 158. Regulations and policy 341
3 157. Formal defects 249
4 156. Insurer obliged to pay third party’s claim against insolvent 265
5 155. Destruction of documents. 281
6 154. Custody of documents 364
7 153. Fees of office and certain costs 284
8 152. Master may direct trustee to deliver documents or property or call upon any person to furnish certain information 328
9 151bis. Costs of review 255
10 151. Review 262
11 150. Appeal 407
12 149. Jurisdiction of the court 283
13 146. Evidence of liability incurred by insolvent. 240
14 145. Obstructing trustee 314
15 144. Criminal liability of trustee for neglect of certain duties 351
16 143. Criminal liability of partners, administrators, servants or agents 280
17 142. Removing or concealing property to defeat an attachment or failure to disclose property 312
18 141. Acceptance of consideration for certain illegal acts or omissions 285
19 140. Failure of insolvent or spouse to appear to give evidence 254
20 139. Failure to appear or to give evidence or giving false evidence 256
21 138bis. Presumption in case of prosecution for failure to notify change of address 239
22 138. Failure to attend meetings of creditors or give certain information 227
23 137. Obtaining credit during insolvency, offering inducements 267
24 136. Failure to give information or to deliver assets, books, etc 248
25 135. Undue preferences, contracting debts without expectation of ability to pay, etc 255
26 134. Failure to keep proper records 234
27 133. Concealment of liabilities or pretext to existence of assets 227
28 132. Concealing or destroying books or assets 216
29 131. Recovery of penalty 197
30 130. Illegal inducements to vote for composition or not to oppose rehabilitation 209
31 129. Effect of rehabilitation 258
32 128. Partnership cannot be rehabilitated 230
33 127A. Rehabilitation by effluxion of time 247
34 127. Opposition to or refusal by court of rehabilitation 194
35 126. Facts to be averred on application for rehabilitation 219
36 125. Security to be furnished prior to application for rehabilitation 263
37 124. Application for rehabilitation 307
38 123. Functions of trustee under composition 254
39 122. Effect of composition on spouse of the insolvent 207
40 121. If insolvent partner enters into composition, trustee of partnership estate may take over his estate. 353
41 120. Effect of composition 242
42 119. Composition 264
43 118. Enforcing payment of contributions 206
44 117. Enforcement of order of court 213
45 116bis. Failure by trustee to submit account or to perform duties 239
46 116. Surplus to be paid into Guardians’ Fund until rehabilitation of insolvent 195
47 114. Trustee to produce acquittance s for dividends or to pay over unpaid dividends to Master 233
48 113. Distribution of estate and collection of contribution from creditors 269
49 112. Confirmation of trustee’s accounts 212
50 111. Objections to trustee’s account 205
51 110. Compelling trustee to submit accounts 237
52 109. Extension of period for submission of account by trustee 187
53 108. Inspection of trustee’s accounts by creditors 215
54 107. Trustee’s account to be signed and verified 187
55 106. Contributions by creditors towards cost of sequestration when free residue insufficient 224
56 105. Form of plan of contribution 208
57 104. Late proof of claims 223
58 103. Non-preferent claims 238
59 102. Preference under a general bond 242
60 101. Preference in regard to taxes on persons or the incomes or profits of persons 219
61 99. Preference in regard to certain statutory obligations 500
62 98A. Salaries or wages of former employees of insolvent 225
63 98. Costs of execution 251
64 97. Cost of sequestration 320
65 96. Funeral and death-bed expenses 216
66 95. Application of proceeds of securities 248
67 94. Form of plan of distribution 237
68 93. Trading account 309
69 92. Manner of framing liquidation account 240
70 91. Liquidation account and plan of distribution or contribution 239
71 90. Land Bank not affected by this Act 269
72 89. Costs to which securities are subject 236
73 88. Certain mortgages are invalid 241
74 87. Ranking of mortgages for future debts 254
75 86. Effect of general bond and general clause 212
76 85. Exclusion or limitation of preference under legal hypothec 246
77 84. Special provisions in case of goods delivered to a debtor in terms of an instalment agreement. 248
78 83. Realization of securities for claims 251
79 82. Sale of property after second meeting and manner of sale 433
80 81. Trustees report to creditors 271
81 80bis. Sale of movable or immovable property on authorization of Master 1469
82 80. Continuation of insolvent’s business 219
83 79. Subsistence allowance for insolvent and family 293
84 78. Extension of time for payment or compounding of debts due to estate, and arbitration 215
85 77. Recovery of debts due to estate 245
86 76. Continuance of pending legal proceedings by surviving or new trustee 255
87 75. Legal proceedings against estate 220
88 74. Improper advising or conduct of legal proceedings 217
89 73. Trustee may obtain legal assistance 219
90 72. Unlawful retention of moneys or use of property by trustee 229
91 71. Record of all receipts 236
92 70. Banking accounts and investments 236
93 69. Trustee must take charge of property of estate 304
94 68. Presumption as to record of proceedings and validity of acts at meetings of creditors 205
95 67. Steps to be taken on suspicion of an offence 292
96 66. Enforcing summonses and giving of evidence 332
97 65. Interrogation of insolvent and other witnesses 549
98 64. Insolvent and others to attend meetings of creditors 212
99 63. Remuneration of trustee or curator bonis 263
100 62. Election of new trustee 222
101 61. Leave of absence or resignation of trustee 271
102 60. Removal of trustee by Master 281
103 59. Court may declare a person disqualified from being a trustee, or remove a trustee 216
104 58. Vacation of office of trustee 203
105 57. Appointment of trustee or co-trustee by Master 215
106 56. Appointment of trustee 252
107 55. Persons disqualified from being trustees 230
108 54. Election of trustee 556
109 53. Questions upon which creditors may vote 451
110 52. Voting at meeting of creditors 320
111 51. Withdrawal of claim already proved against estate 236
112 50. Arrear interest. Debt due after sequestration 306
113 49. Claims against partnership distinct from claims against partners 215
114 48. Proof of conditional claim 248
115 47. Right of retention and landlord’s legal hypothec 427
116 46. Set-off 523
117 45. Trustee to examine claims 273
118 44. Proof of liquidated claims against estate 370
119 43. A creditor may register his name and address with trustee 258
120 42. Special meetings of creditors 337
121 41. General meetings of creditors 235
122 40. First and second meetings of creditors 278
123 39. Time and place of meetings of creditors 276
124 38. Effect of sequestration on contract of service 280
125 37. Effect of sequestration upon a lease 269
126 36. Goods not paid for which debtor purchased not on credit 364
127 35B. Agreements providing for termination and netting 358
128 35A. Transactions on an exchange 219
129 35. Uncompleted acquisition of immovable property before sequestration 251
130 34. Voidable sale of business 260
131 33. Improper disposition does not affect certain rights 495
132 32. Proceedings to set aside improper disposition 230
133 31. Collusive dealings before sequestration 328
134 30. Undue preference to creditors 288
135 29. Voidable preferences. 664
136 27. Antenuptial contracts 225
137 26. Disposition without value 386
138 25. Estate to remain vested in trustee until composition or rehabilitation 222
139 24. Provisions relating to property in possession of insolvent after sequestration 240
140 23. Rights and obligations of insolvent during sequestration 239
141 22. Payment of debts after sequestration 257
142 21. Effect of sequestration on property of spouse of insolvent 211
143 20. Effect of sequestration on insolvent’s property 258
144 19. Attachment of property by deputy sheriff 339
145 18B. Trustee may cause caveat to be entered 221
146 18A. Trustee to furnish particulars of insolvent 251
147 18. Appointment of provisional trustee by Master 244
148 17. Notice of sequestration. 244
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 257
150 15. Compensation to debtor if petition is an abuse of court’s procedure or malicious or vexatious 254
151 14. Petitioning creditor to prosecute sequestration proceedings until trustee appointed 241
152 13. Sequestration of partnership estate 210
153 12. Final sequestration or dismissal of petition for sequestration 215
154 11. Service of rule nisi 315
155 10. Provisional sequestration. 218
156 9. Petition for sequestration of estate 217
157 8. Acts of insolvency 736
158 7. Withdrawal of notice of surrender.—(1) 217
159 6. Acceptance by court of surrender of estate. 1016
160 5. Prohibition of sale in execution of property of estate after publication of notice of surrender and appointment of curator bonis 227
161 4. Notice of surrender and lodging at Master’s office of statement of debtor’s affairs 261
162 3. Petition for acceptance of surrender of estate. 220
163 2. Definitions 252
164 Section 1 the Insolvency Act 300
 

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