MRL3701 Questions and Answers

Person’s - Answer-The terms sequestration and sequestration order should stritly be used only with reference to a ____ estate .personal - Answer-In Ex Parte Henning, the statement of affairs that lay for inspection did not contain the ____ information .8(g) - Answer-According to section ____ of the Insolvency Act, it is an act of insolven-cy if a debtor gives notice in writing to a creditor that he is unable to pay one or more of his debts .written - Answer-A debtor may not, without the ____ consent of the trustee enter into a contract which adversely affects his estate .released - Answer-The property of the spouse of the insolvent, where the marriage is out of community of property, also vests in the trustee of the insolvent estate, until it is ____ by the trustee .defamation - Answer-Section 23(8) allows the insolvent to recover for his own benefit compensation for any loss or damage which he may have suffered, whether before or after sequestration of his estate, by reason of ____ or personal injury .title - Answer-The trustee is obliged to release property which was acquired by the sol-vent spouse during her marriage with the insolvent by a valid _____ against creditors of the insolvent .sequestration - Answer-The _______ of an employers estate suspends the employ-ment contract between him and his employees with immediate effect .asset - Answer-If the insolvent has carried out his side of the contract and only the other party's performance is outstanding, the right to that performance is an ___ in the insolvent estate and vests in the trustee .first - Answer-After receiving a final sequestration order the Master must immediately convene (cause to come together) a _____ meeting of creditors by notice in the gov gazette .minor child - Answer-A nurse who has treated the insolvent's deceased wife or ____ may have a preferent claim against the insolvent estate if further requirements are met .absolute - Answer-Note that as a result of a relative ground for disqualification such a person cannot be a trustee of a specific insolvent estate. This prohibition differs from the ____ grounds for disqualification where such a person may not be a trustee of any insolvent estate whatsoever .order of court - Answer-the term disposition does not include a disposition made in compliance with an ______ .pledge - Answer-A valid ____ is constituted where there is delivery of movable proper-ty to a creditor on the understanding that it will be retained by him until his claim has been satisfied .two - Answer-Interest due on a secured claim for a period not exceeding ____ years immediately preceding the date of sequestration is secured as if it were part of the capi-tal sum .court - Answer-The rehabilitation of an insolvent is a matter which lies solely within the discretion of the _____ .directors - Answer-the human beings (the natural persons) who administer the busi-ness of the company are its ______ .common law - Answer-When a partnership is dissolved because the estate of one of the partners has been sequestrated, the partnership assets are divided among the partners in terms of the partnership contract or the ______ .sequestration - Answer-Rehabilitation has the effect of putting an end to the _____ .unsecured - Answer-Employees are "preferred ______ creditors" for unpaid but due and payable sums of remuneration, reimbursements for expenses or other employment related money before the business rescue proceedings began .equitable - Answer-the main objective of a sequestration order is to secure the just and ____ distribution of a debtor's assets where they are insufficient to meet the claims of all his creditors .legislature - Answer-the Master is a 'creature of statute' and as such has only the pow-ers granted to him by the _____ .dispose - Answer-The debtor may not make a contract which purports to ____ of any property of his insolvent estate .final - Answer-On the receipt of a ______ sequestration order, the Master is obliged to convene immediately by notice in the Gazette, a first meeting of creditors of the estate .abandonment - Answer-According to section 2 of the Insolvency Act 24 of 1936, the term 'disposition' includes , amongst others, a transfer or ______ of rights to property .retention (or lien) - Answer-Broadly speaking, a party (Ben), has a right of ____ over specific property belonging to anther if he (Ben) has expended labour or incurred ex-penses in respect of the property