MRL3701 AASIGNMENT WITH DETAILED
ANSWERS—DISTINCTION
GUARANTEED
person's - -----------CORRECT ANSWERS--------The terms sequestration and sequestration order
should stritly be used only with reference to a ____ estate
personal - -----------CORRECT ANSWERS--------In Ex Parte Henning, the statement of affairs that lay for
inspection did not contain the ____ information
8(g) - -----------CORRECT 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
written - -----------CORRECT ANSWERS--------A debtor may not, without the ____ consent of the
trustee enter into a contract which adversely affects his estate
released - -----------CORRECT ANSWERS--------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 - -----------CORRECT 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
title - -----------CORRECT ANSWERS--------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 - -----------CORRECT ANSWERS--------The _______ of an employers estate suspends the
employment contract between him and his employees with immediate effect
,asset - -----------CORRECT 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
first - -----------CORRECT ANSWERS--------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 - -----------CORRECT ANSWERS--------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 - -----------CORRECT 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
order of court - -----------CORRECT ANSWERS--------the term disposition does not include a disposition
made in compliance with an ______
pledge - -----------CORRECT ANSWERS--------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 - -----------CORRECT ANSWERS--------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 - -----------CORRECT ANSWERS--------The rehabilitation of an insolvent is a matter which lies
solely within the discretion of the _____
directors - -----------CORRECT ANSWERS--------the human beings (the natural persons) who administer
the business of the company are its ______
common law - -----------CORRECT 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 ______
, sequestration - -----------CORRECT ANSWERS--------Rehabilitation has the effect of putting an end to
the _____
unsecured - -----------CORRECT ANSWERS--------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 - -----------CORRECT 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
legislature - -----------CORRECT ANSWERS--------the Master is a 'creature of statute' and as such has
only the powers granted to him by the _____
dispose - -----------CORRECT ANSWERS--------The debtor may not make a contract which purports to
____ of any property of his insolvent estate
final - -----------CORRECT ANSWERS--------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 - -----------CORRECT 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
retention (or lien) - -----------CORRECT ANSWERS--------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 - -----------CORRECT ANSWERS--------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 - -----------CORRECT ANSWERS--------A special meeting may be called for either of the
following purposes: 1) proof of claims and 2) ______ of the insolvent
ANSWERS—DISTINCTION
GUARANTEED
person's - -----------CORRECT ANSWERS--------The terms sequestration and sequestration order
should stritly be used only with reference to a ____ estate
personal - -----------CORRECT ANSWERS--------In Ex Parte Henning, the statement of affairs that lay for
inspection did not contain the ____ information
8(g) - -----------CORRECT 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
written - -----------CORRECT ANSWERS--------A debtor may not, without the ____ consent of the
trustee enter into a contract which adversely affects his estate
released - -----------CORRECT ANSWERS--------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 - -----------CORRECT 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
title - -----------CORRECT ANSWERS--------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 - -----------CORRECT ANSWERS--------The _______ of an employers estate suspends the
employment contract between him and his employees with immediate effect
,asset - -----------CORRECT 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
first - -----------CORRECT ANSWERS--------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 - -----------CORRECT ANSWERS--------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 - -----------CORRECT 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
order of court - -----------CORRECT ANSWERS--------the term disposition does not include a disposition
made in compliance with an ______
pledge - -----------CORRECT ANSWERS--------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 - -----------CORRECT ANSWERS--------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 - -----------CORRECT ANSWERS--------The rehabilitation of an insolvent is a matter which lies
solely within the discretion of the _____
directors - -----------CORRECT ANSWERS--------the human beings (the natural persons) who administer
the business of the company are its ______
common law - -----------CORRECT 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 ______
, sequestration - -----------CORRECT ANSWERS--------Rehabilitation has the effect of putting an end to
the _____
unsecured - -----------CORRECT ANSWERS--------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 - -----------CORRECT 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
legislature - -----------CORRECT ANSWERS--------the Master is a 'creature of statute' and as such has
only the powers granted to him by the _____
dispose - -----------CORRECT ANSWERS--------The debtor may not make a contract which purports to
____ of any property of his insolvent estate
final - -----------CORRECT ANSWERS--------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 - -----------CORRECT 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
retention (or lien) - -----------CORRECT ANSWERS--------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 - -----------CORRECT ANSWERS--------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 - -----------CORRECT ANSWERS--------A special meeting may be called for either of the
following purposes: 1) proof of claims and 2) ______ of the insolvent
