MRL3701
8(g) - questions and answers-According to section ____ of the Insolvency Act, it is an act of
insolvency if a debtor gives notice in writing to a creditor that he is unable to pay one or more of
his debts
abandonment - questions and answers-According to section 2 of the Insolvency Act 24 of 1936,
the term 'disposition' includes , amongst others, a transfer or ______ of rights to property
absolute - questions and answers-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
advantage - questions and answers-The court may accept the surrender of a debtor's estate
only if it is satisfied that the debtor's estate is in fact insolvent, that the debtor own realizable
property of sufficient value to defray all the costs of the sequestration which will, in terms of the
act be payable out of the free residue of his estate. It must also be shown that sequestration will
be to the _________________ of creditors.
advantage of creditors - questions and answers-In an application for voluntary surrender, the
debtor's founding affidavit must allege that it will be to _____ if the debtor's estate is
sequestrated
asset - questions and answers-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
assets - questions and answers-In Ex parte Harmse, the applicant's statement indicated an
excess of _______________over liabilities, but the only evidence that he adduced to prove
otherwise were certain letters written by estate agents or valuers
bona fide - questions and answers-Another category of property which the trustee must release
is that acquired by the solvent spouse under a marriage settlement (s 21(2)(b)). The solvent
spouse need not prove that the settlement was _____________________.
collusion - questions and answers-Section 21 was introduced to prevent, or at least hamper,
______________ between
spouses to the detriment of creditors of the insolvent estate.
common law - questions and answers-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 ______
,competence - questions and answers-The Supreme Court of Appeal has now laid down
authoritatively that the beneficiary in this type of case merely has a
_________________________________or power to accept the inheritance or benefit in
question and that, until he does so, it does not form part of his estate (Wessels NO v De Jager
en 'n ander NNO 2000 (4) SA 924 (SCA) 928).
composition - questions and answers-As a rule, an insolvent must wait for a certain period of
time before he may apply for his rehabilitation. However, where an offer of
_____________________________has been accepted, the insolvent may be entitled to apply
for his rehabilitation immediately.
confirmed - questions and answers-The sequestrating creditor has to approach the court twice;
once to obtain a provisional order and the second time to have the provisional order
____________________ and made final.
court - questions and answers-The rehabilitation of an insolvent is a matter which lies solely
within the discretion of the _____
creditors - questions and answers-Insolvency law provides a procedure for dealing fairly with the
claims that the unpaid _____________________ of the insolvent person have against the
insolvent estate. Insolvency law also protects the debtor from being harassed by his or her
creditors.
creditors; court order - questions and answers-formal defect in an application for sequestration
will be fatal if the defect causes a
substantial injustice to ................................................... and that prejudice cannot be put
right by a ...............................................
criminal - questions and answers-It is a _________________________offence for a person to
accept a benefit as consideration for agreeing to, or for not opposing, a composition (s 141).
declaratory order - questions and answers-The court considered the aspect of
________________ in the case of Vorster v Steyn
1981(2) SA 831 (O).
defamation - questions and answers-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
directors - questions and answers-the human beings (the natural persons) who administer the
business of the company are its ______
, dispose - questions and answers-The debtor may not make a contract which purports to ____ of
any property of his insolvent estate
employer - questions and answers-When an employment contract between an ____________
and employee is suspended
in terms of section 38(1) of the insolvency Act, amongst other things, no employment
benefit accrues to the employee in terms of the contract.
employment - questions and answers-When an employment contract between an employer and
employee is suspended in terms of section 38(1) of the Insolvency Act, amongst other things,
no ______ benefit accrues to the employee in terms of the contract
Ensor NO v Rensco Motors 1981 - questions and answers-FACTS
- debtor had business whereby he sold Mazda parts
- trustee wanted to impeach them ito S34
ISSUE
- was it an S34 disposition?
HELD
- no, was in the ordinary course of business
- onus on trustee to prove that it was not in the ordinary course of business
- the trustee could not discharge this onus
equally - questions and answers-Although concurrent creditors rank equally, they do not
necessarily receive the same amounts when the free residue of the estate is distributed. The
dividend payable to concurrent creditors amounts to a certain ______ of cents in the rand
equally; proportion - questions and answers-Although concurrent creditors rank __________,
they do not necessarily receive the
same amounts when the free residue of the estate is distributed. The dividend payable to
concurrent creditors amounts to a certain _________ of cents in the rand.
equitable - questions and answers-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
fact - questions and answers-The question whether the trustee has elected to abide by the
contract is one of_____________, not law.
fair distribution; competing creditors - questions and answers-The sequestration procedure is
aimed mainly at achieving a .......................................... of the
available assets among .....................................of the debtor.
8(g) - questions and answers-According to section ____ of the Insolvency Act, it is an act of
insolvency if a debtor gives notice in writing to a creditor that he is unable to pay one or more of
his debts
abandonment - questions and answers-According to section 2 of the Insolvency Act 24 of 1936,
the term 'disposition' includes , amongst others, a transfer or ______ of rights to property
absolute - questions and answers-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
advantage - questions and answers-The court may accept the surrender of a debtor's estate
only if it is satisfied that the debtor's estate is in fact insolvent, that the debtor own realizable
property of sufficient value to defray all the costs of the sequestration which will, in terms of the
act be payable out of the free residue of his estate. It must also be shown that sequestration will
be to the _________________ of creditors.
advantage of creditors - questions and answers-In an application for voluntary surrender, the
debtor's founding affidavit must allege that it will be to _____ if the debtor's estate is
sequestrated
asset - questions and answers-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
assets - questions and answers-In Ex parte Harmse, the applicant's statement indicated an
excess of _______________over liabilities, but the only evidence that he adduced to prove
otherwise were certain letters written by estate agents or valuers
bona fide - questions and answers-Another category of property which the trustee must release
is that acquired by the solvent spouse under a marriage settlement (s 21(2)(b)). The solvent
spouse need not prove that the settlement was _____________________.
collusion - questions and answers-Section 21 was introduced to prevent, or at least hamper,
______________ between
spouses to the detriment of creditors of the insolvent estate.
common law - questions and answers-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 ______
,competence - questions and answers-The Supreme Court of Appeal has now laid down
authoritatively that the beneficiary in this type of case merely has a
_________________________________or power to accept the inheritance or benefit in
question and that, until he does so, it does not form part of his estate (Wessels NO v De Jager
en 'n ander NNO 2000 (4) SA 924 (SCA) 928).
composition - questions and answers-As a rule, an insolvent must wait for a certain period of
time before he may apply for his rehabilitation. However, where an offer of
_____________________________has been accepted, the insolvent may be entitled to apply
for his rehabilitation immediately.
confirmed - questions and answers-The sequestrating creditor has to approach the court twice;
once to obtain a provisional order and the second time to have the provisional order
____________________ and made final.
court - questions and answers-The rehabilitation of an insolvent is a matter which lies solely
within the discretion of the _____
creditors - questions and answers-Insolvency law provides a procedure for dealing fairly with the
claims that the unpaid _____________________ of the insolvent person have against the
insolvent estate. Insolvency law also protects the debtor from being harassed by his or her
creditors.
creditors; court order - questions and answers-formal defect in an application for sequestration
will be fatal if the defect causes a
substantial injustice to ................................................... and that prejudice cannot be put
right by a ...............................................
criminal - questions and answers-It is a _________________________offence for a person to
accept a benefit as consideration for agreeing to, or for not opposing, a composition (s 141).
declaratory order - questions and answers-The court considered the aspect of
________________ in the case of Vorster v Steyn
1981(2) SA 831 (O).
defamation - questions and answers-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
directors - questions and answers-the human beings (the natural persons) who administer the
business of the company are its ______
, dispose - questions and answers-The debtor may not make a contract which purports to ____ of
any property of his insolvent estate
employer - questions and answers-When an employment contract between an ____________
and employee is suspended
in terms of section 38(1) of the insolvency Act, amongst other things, no employment
benefit accrues to the employee in terms of the contract.
employment - questions and answers-When an employment contract between an employer and
employee is suspended in terms of section 38(1) of the Insolvency Act, amongst other things,
no ______ benefit accrues to the employee in terms of the contract
Ensor NO v Rensco Motors 1981 - questions and answers-FACTS
- debtor had business whereby he sold Mazda parts
- trustee wanted to impeach them ito S34
ISSUE
- was it an S34 disposition?
HELD
- no, was in the ordinary course of business
- onus on trustee to prove that it was not in the ordinary course of business
- the trustee could not discharge this onus
equally - questions and answers-Although concurrent creditors rank equally, they do not
necessarily receive the same amounts when the free residue of the estate is distributed. The
dividend payable to concurrent creditors amounts to a certain ______ of cents in the rand
equally; proportion - questions and answers-Although concurrent creditors rank __________,
they do not necessarily receive the
same amounts when the free residue of the estate is distributed. The dividend payable to
concurrent creditors amounts to a certain _________ of cents in the rand.
equitable - questions and answers-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
fact - questions and answers-The question whether the trustee has elected to abide by the
contract is one of_____________, not law.
fair distribution; competing creditors - questions and answers-The sequestration procedure is
aimed mainly at achieving a .......................................... of the
available assets among .....................................of the debtor.
