MRL3701(CORRECT ANSWERS 2023)
person's - The terms sequestration and sequestration order should stritly be used only with reference
to a ____ estate
personal - In Ex Parte Henning, the statement of affairs that lay for inspection did not contain the ____
information
8(g) - 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
written - A debtor may not, without the ____ consent of the trustee enter into a contract which
adversely affects his estate
released - 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 - 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 - The trustee is obliged to release property which was acquired by the solvent spouse during her
marriage with the insolvent by a valid _____ against creditors of the insolvent
sequestration - The _______ of an employers estate suspends the employment contract between him
and his employees with immediate effect
asset - 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 - 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 - 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 - 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 - the term disposition does not include a disposition made in compliance with an ______
pledge - A valid ____ is constituted where there is delivery of movable property to a creditor on the
understanding that it will be retained by him until his claim has been satisfied
two - 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 capital sum
court - The rehabilitation of an insolvent is a matter which lies solely within the discretion of the _____
directors - the human beings (the natural persons) who administer the business of the company are its
______
common law - 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 - Rehabilitation has the effect of putting an end to the _____
unsecured - 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 - 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 - the Master is a 'creature of statute' and as such has only the powers granted to him by the
_____
dispose - The debtor may not make a contract which purports to ____ of any property of his insolvent
estate
final - 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 - 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) - Broadly speaking, a party (Ben), has a right of ____ over specific property belonging
to anther if he (Ben) has expended labour or incurred expenses in respect of the property
impeachable - there may be various reasons why an interested person wishes to apply for an order that
automatic rehabilitation should not take place after the lapse of 10 years. It may, for example, happen
that only just before the completion of the 10 year period the trustee becomes aware of some possible
_____ dispositions
interrogation - A special meeting may be called for either of the following purposes: 1) proof of claims
and 2) ______ of the insolvent
voidable preferences - In Hendriks NO v Swanepoel 1962, the legal position in respect of ________ was
considered
repudiate - If the trustee elects to ____ the contract (or if he is deemed to have done so), the opposite
party is precluded from obtaining an order of specific performance
person's - The terms sequestration and sequestration order should stritly be used only with reference
to a ____ estate
personal - In Ex Parte Henning, the statement of affairs that lay for inspection did not contain the ____
information
8(g) - 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
written - A debtor may not, without the ____ consent of the trustee enter into a contract which
adversely affects his estate
released - 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 - 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 - The trustee is obliged to release property which was acquired by the solvent spouse during her
marriage with the insolvent by a valid _____ against creditors of the insolvent
sequestration - The _______ of an employers estate suspends the employment contract between him
and his employees with immediate effect
asset - 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 - 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 - 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 - 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 - the term disposition does not include a disposition made in compliance with an ______
pledge - A valid ____ is constituted where there is delivery of movable property to a creditor on the
understanding that it will be retained by him until his claim has been satisfied
two - 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 capital sum
court - The rehabilitation of an insolvent is a matter which lies solely within the discretion of the _____
directors - the human beings (the natural persons) who administer the business of the company are its
______
common law - 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 - Rehabilitation has the effect of putting an end to the _____
unsecured - 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 - 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 - the Master is a 'creature of statute' and as such has only the powers granted to him by the
_____
dispose - The debtor may not make a contract which purports to ____ of any property of his insolvent
estate
final - 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 - 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) - Broadly speaking, a party (Ben), has a right of ____ over specific property belonging
to anther if he (Ben) has expended labour or incurred expenses in respect of the property
impeachable - there may be various reasons why an interested person wishes to apply for an order that
automatic rehabilitation should not take place after the lapse of 10 years. It may, for example, happen
that only just before the completion of the 10 year period the trustee becomes aware of some possible
_____ dispositions
interrogation - A special meeting may be called for either of the following purposes: 1) proof of claims
and 2) ______ of the insolvent
voidable preferences - In Hendriks NO v Swanepoel 1962, the legal position in respect of ________ was
considered
repudiate - If the trustee elects to ____ the contract (or if he is deemed to have done so), the opposite
party is precluded from obtaining an order of specific performance
