MRL3701 ASSIGNMENT WITH
QUESTIONS AND DETAILED ANSWERS
100% GUARANTEED PASS
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 insolvency 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 adverselyaffects 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 solvent spouse during her marriage with the insolvent by a valid against
creditors of the insolvent
sequestration - -----------ANSWER --------------- The of an employers estate suspends the
employment 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 property 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
capital 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 business 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 powers 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 immediatelyby 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
expenses in respect of the property
impeachable - -----------ANSWER --------------- 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 - -----------ANSWER --------------- A special meeting may be called for either of the
following purposes: 1) proof of claims and 2) of the insolvent
QUESTIONS AND DETAILED ANSWERS
100% GUARANTEED PASS
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 insolvency 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 adverselyaffects 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 solvent spouse during her marriage with the insolvent by a valid against
creditors of the insolvent
sequestration - -----------ANSWER --------------- The of an employers estate suspends the
employment 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 property 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
capital 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 business 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 powers 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 immediatelyby 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
expenses in respect of the property
impeachable - -----------ANSWER --------------- 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 - -----------ANSWER --------------- A special meeting may be called for either of the
following purposes: 1) proof of claims and 2) of the insolvent
