Equitable winding up Study guides, Revision notes & Summaries

WINDING UP MEANS - correct answer --essentially the procedure by which a company's assets are sold, its debts are paid, and any money left over is divided amongst the shareholders according to their rights. WINDING UP OF COMPANIES IS REGULATED BY THE FOLLOWING LEGISLATIVE PROVISIONS - correct answer --1. Section 79 - 81 of the Companies Act 71. Winding up of solvent companies 2. Chapter 14 of the Companies Act. 3. Various provision of the Insolvency Act. MODES OF WINDING UP AND AL...

LAWS10083 Company law Minority rights protection- just and equitable winding up

WINDING UP MEANS - ANSessentially the procedure by which a company's assets are sold, its debts are paid, and any money left over is divided amongst the shareholders according to their rights. WINDING UP OF COMPANIES IS REGULATED BY THE FOLLOWING LEGISLATIVE PROVISIONS - ANS1. Section 79 - 81 of the Companies Act 71. Winding up of solvent companies 2. Chapter 14 of the Companies Act. 3. Various provision of the Insolvency Act. MODES OF WINDING UP AND ALTERNATIVES TO WINDING UP - ...

Study unit 1: Introduction to Insolvency Law Case Law: NB: Magnum Financial Holdings (Pty) Ltd (in Liquidation) v Summerly and another NNO 1984 (1) SA 160 (W) Meaning of “insolvency” Common meaning – a person is insolvent when he is unable to pay his debts, however, The legal test for insolvency is whether the debtor's liabilities, fairly estimated, exceed his assets, fairly valued. The inability to pay debts Is merely evidence of insolvency. A person who has insufficient ...

Study unit 1: Introduction to Insolvency Law Case Law: NB: Magnum Financial Holdings (Pty) Ltd (in Liquidation) v Summerly and another NNO 1984 (1) SA 160 (W) Meaning of “insolvency” Common meaning – a person is insolvent when he is unable to pay his debts, however, The legal test for insolvency is whether the debtor's liabilities, fairly estimated, exceed his assets, fairly valued. The inability to pay debts Is merely evidence of insolvency. A person who has insufficient ...

Types and Forms of Companies 1. Profit Company 2. Non - profit company Profit companies 4 tipes 1. Sate owned - schedule 2/3 of PFMA -Municipality - National government business 2. Public - can sell shares to public & freely transferable -Can be listed on JSE 3. Personal - Professional association e.g Attorneys - Directer jointly and severely liable 4. Private - Cant sell shares to public MOI forbids it. - Not freely transferable - Fudtrust matter. Section 66:...

Types and Forms of Companies 1. Profit Company 2. Non - profit company Profit companies 4 tipes 1. Sate owned - schedule 2/3 of PFMA -Municipality - National government business 2. Public - can sell shares to public & freely transferable -Can be listed on JSE 3. Personal - Professional association e.g Attorneys - Directer jointly and severely liable 4. Private - Cant sell shares to public MOI forbids it. - Not freely transferable - Fudtrust matter. Section 6...

Mrl3701-qa-insolvency. 1 Section 1 Questions What is the definition of a “debtor” in terms of the Insolvency Act 24 of 1936? (4) A debtor means a person or a partnership or the estate of a person or a partnership which is a debtor in the usual sense of the word, except a body corporate or a company or other association of persons which may be placed in liquidation under the law relating to companies. What is the purpose of a notice of surrender? (2) The purpose of the notice of surre...

MRL3701 LATEST EXAM PACK. VERIFIED Q AND A. MRL 3701 OCTOBER/NOVEMBER 2018 QUESTION 1 a) Inability to pay debts is, at most merely evidence of insolvency. (page 3) b) Brenda’s application for voluntary surrender must be set out the causes of her insolvency in some detail to enable the court to determine whether the application is ......................... c) Christopher commits an act of insolvency by departing from his dwelling with the intent by doing so to evade payment of his de...

Study unit 1: Introduction to Insolvency Law Case Law: NB: Magnum Financial Holdings (Pty) Ltd (in Liquidation) v Summerly and another NNO 1984 (1) SA 160 (W) Meaning of “insolvency” Common meaning – a person is insolvent when he is unable to pay his debts, however, The legal test for insolvency is whether the debtor's liabilities, fairly estimated, exceed his assets, fairly valued. The inability to pay debts Is merely evidence of insolvency. A person who has insufficient ...