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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)) 658
2 158. Regulations and policy 507
3 157. Formal defects 367
4 156. Insurer obliged to pay third party’s claim against insolvent 401
5 155. Destruction of documents. 397
6 154. Custody of documents 490
7 153. Fees of office and certain costs 400
8 152. Master may direct trustee to deliver documents or property or call upon any person to furnish certain information 451
9 151bis. Costs of review 376
10 151. Review 391
11 150. Appeal 518
12 149. Jurisdiction of the court 400
13 146. Evidence of liability incurred by insolvent. 374
14 145. Obstructing trustee 425
15 144. Criminal liability of trustee for neglect of certain duties 466
16 143. Criminal liability of partners, administrators, servants or agents 387
17 142. Removing or concealing property to defeat an attachment or failure to disclose property 423
18 141. Acceptance of consideration for certain illegal acts or omissions 410
19 140. Failure of insolvent or spouse to appear to give evidence 354
20 139. Failure to appear or to give evidence or giving false evidence 365
21 138bis. Presumption in case of prosecution for failure to notify change of address 339
22 138. Failure to attend meetings of creditors or give certain information 326
23 137. Obtaining credit during insolvency, offering inducements 355
24 136. Failure to give information or to deliver assets, books, etc 331
25 135. Undue preferences, contracting debts without expectation of ability to pay, etc 333
26 134. Failure to keep proper records 314
27 133. Concealment of liabilities or pretext to existence of assets 313
28 132. Concealing or destroying books or assets 302
29 131. Recovery of penalty 280
30 130. Illegal inducements to vote for composition or not to oppose rehabilitation 305
31 129. Effect of rehabilitation 338
32 128. Partnership cannot be rehabilitated 314
33 127A. Rehabilitation by effluxion of time 354
34 127. Opposition to or refusal by court of rehabilitation 271
35 126. Facts to be averred on application for rehabilitation 308
36 125. Security to be furnished prior to application for rehabilitation 349
37 124. Application for rehabilitation 404
38 123. Functions of trustee under composition 336
39 122. Effect of composition on spouse of the insolvent 298
40 121. If insolvent partner enters into composition, trustee of partnership estate may take over his estate. 466
41 120. Effect of composition 327
42 119. Composition 357
43 118. Enforcing payment of contributions 295
44 117. Enforcement of order of court 302
45 116bis. Failure by trustee to submit account or to perform duties 347
46 116. Surplus to be paid into Guardians’ Fund until rehabilitation of insolvent 292
47 114. Trustee to produce acquittance s for dividends or to pay over unpaid dividends to Master 350
48 113. Distribution of estate and collection of contribution from creditors 353
49 112. Confirmation of trustee’s accounts 295
50 111. Objections to trustee’s account 292
51 110. Compelling trustee to submit accounts 320
52 109. Extension of period for submission of account by trustee 282
53 108. Inspection of trustee’s accounts by creditors 297
54 107. Trustee’s account to be signed and verified 280
55 106. Contributions by creditors towards cost of sequestration when free residue insufficient 302
56 105. Form of plan of contribution 331
57 104. Late proof of claims 320
58 103. Non-preferent claims 416
59 102. Preference under a general bond 339
60 101. Preference in regard to taxes on persons or the incomes or profits of persons 323
61 99. Preference in regard to certain statutory obligations 645
62 98A. Salaries or wages of former employees of insolvent 365
63 98. Costs of execution 329
64 97. Cost of sequestration 429
65 96. Funeral and death-bed expenses 314
66 95. Application of proceeds of securities 337
67 94. Form of plan of distribution 322
68 93. Trading account 413
69 92. Manner of framing liquidation account 373
70 91. Liquidation account and plan of distribution or contribution 407
71 90. Land Bank not affected by this Act 375
72 89. Costs to which securities are subject 445
73 88. Certain mortgages are invalid 323
74 87. Ranking of mortgages for future debts 353
75 86. Effect of general bond and general clause 294
76 85. Exclusion or limitation of preference under legal hypothec 342
77 84. Special provisions in case of goods delivered to a debtor in terms of an instalment agreement. 331
78 83. Realization of securities for claims 354
79 82. Sale of property after second meeting and manner of sale 535
80 81. Trustees report to creditors 407
81 80bis. Sale of movable or immovable property on authorization of Master 1836
82 80. Continuation of insolvent’s business 305
83 79. Subsistence allowance for insolvent and family 409
84 78. Extension of time for payment or compounding of debts due to estate, and arbitration 305
85 77. Recovery of debts due to estate 328
86 76. Continuance of pending legal proceedings by surviving or new trustee 353
87 75. Legal proceedings against estate 304
88 74. Improper advising or conduct of legal proceedings 296
89 73. Trustee may obtain legal assistance 299
90 72. Unlawful retention of moneys or use of property by trustee 320
91 71. Record of all receipts 323
92 70. Banking accounts and investments 328
93 69. Trustee must take charge of property of estate 396
94 68. Presumption as to record of proceedings and validity of acts at meetings of creditors 293
95 67. Steps to be taken on suspicion of an offence 385
96 66. Enforcing summonses and giving of evidence 446
97 65. Interrogation of insolvent and other witnesses 939
98 64. Insolvent and others to attend meetings of creditors 294
99 63. Remuneration of trustee or curator bonis 352
100 62. Election of new trustee 330
101 61. Leave of absence or resignation of trustee 368
102 60. Removal of trustee by Master 385
103 59. Court may declare a person disqualified from being a trustee, or remove a trustee 301
104 58. Vacation of office of trustee 302
105 57. Appointment of trustee or co-trustee by Master 313
106 56. Appointment of trustee 350
107 55. Persons disqualified from being trustees 324
108 54. Election of trustee 656
109 53. Questions upon which creditors may vote 540
110 52. Voting at meeting of creditors 408
111 51. Withdrawal of claim already proved against estate 326
112 50. Arrear interest. Debt due after sequestration 414
113 49. Claims against partnership distinct from claims against partners 306
114 48. Proof of conditional claim 349
115 47. Right of retention and landlord’s legal hypothec 513
116 46. Set-off 819
117 45. Trustee to examine claims 361
118 44. Proof of liquidated claims against estate 537
119 43. A creditor may register his name and address with trustee 349
120 42. Special meetings of creditors 437
121 41. General meetings of creditors 355
122 40. First and second meetings of creditors 375
123 39. Time and place of meetings of creditors 369
124 38. Effect of sequestration on contract of service 395
125 37. Effect of sequestration upon a lease 364
126 36. Goods not paid for which debtor purchased not on credit 473
127 35B. Agreements providing for termination and netting 602
128 35A. Transactions on an exchange 339
129 35. Uncompleted acquisition of immovable property before sequestration 378
130 34. Voidable sale of business 401
131 33. Improper disposition does not affect certain rights 654
132 32. Proceedings to set aside improper disposition 349
133 31. Collusive dealings before sequestration 502
134 30. Undue preference to creditors 417
135 29. Voidable preferences. 841
136 27. Antenuptial contracts 356
137 26. Disposition without value 515
138 25. Estate to remain vested in trustee until composition or rehabilitation 385
139 24. Provisions relating to property in possession of insolvent after sequestration 441
140 23. Rights and obligations of insolvent during sequestration 374
141 22. Payment of debts after sequestration 413
142 21. Effect of sequestration on property of spouse of insolvent 345
143 20. Effect of sequestration on insolvent’s property 380
144 19. Attachment of property by deputy sheriff 486
145 18B. Trustee may cause caveat to be entered 346
146 18A. Trustee to furnish particulars of insolvent 362
147 18. Appointment of provisional trustee by Master 351
148 17. Notice of sequestration. 362
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 371
150 15. Compensation to debtor if petition is an abuse of court’s procedure or malicious or vexatious 374
151 14. Petitioning creditor to prosecute sequestration proceedings until trustee appointed 342
152 13. Sequestration of partnership estate 397
153 12. Final sequestration or dismissal of petition for sequestration 307
154 11. Service of rule nisi 404
155 10. Provisional sequestration. 306
156 9. Petition for sequestration of estate 346
157 8. Acts of insolvency 1001
158 7. Withdrawal of notice of surrender.—(1) 309
159 6. Acceptance by court of surrender of estate. 1098
160 5. Prohibition of sale in execution of property of estate after publication of notice of surrender and appointment of curator bonis 421
161 4. Notice of surrender and lodging at Master’s office of statement of debtor’s affairs 347
162 3. Petition for acceptance of surrender of estate. 361
163 2. Definitions 380
164 Section 1 the Insolvency Act 403
 

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