Section 27 of the insolvency act 24 of 1936 Study guides, Study notes & Summaries

QUESTION 1 1.1 Discuss the meaning of the term “ubuntu”. Ubuntu is an African indigenous philosophy that is the measure of human behaviour. It is the ideal to live life selflessly and to make sacrifices for others who, in turn, will live selflessly. It places the well-being of the individual in all transactions. It is similar to the audi alteram partem rule, which means that both sides of the story must be heard. Ubuntu is attributed to co...

MRL3701 Insolvency Law LATEST EXAM PACK 2020-2021. Question 1 Fill in the missing words: (a) The term "debtor" also embraces a person who is incapable of managing his own affairs. (2) (b) Thabo’s application for voluntary surrender must contain an allegation that it will be to the advantage of creditors if his estate is sequestrated. (2) (c) Christopher commits an act of insolvency by departing from his dwelling with the intent by doing so to evade payments of his debts. (2) (d) An...

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 ...

IN THE HIGH COURT OF SOUTH AFRICA FREE STATE DIVISION, BLOEMFONTEIN Case No.: 752/2014 In the ex parte application of JOHN WILLIAM SNOOKE Applicant ID NO: […] _____________________________________________________ JUDGMENT BY: DAFFUE, J HEARD ON: 24 APRIL 2014 _____________________________________________________ DELIVERED ON: 27 JUNE 2014 _____________________________________________________ I. INTRODUCTION [1] The applicant, John William Snooke, married out of community of prope...

Question 1 1.1 Discuss Epstein v Epstein 1987 (4) SA 606 (C). (10) 1.2 Martin approaches you for advice. He informs you that his brother, Eric, owes him R24,000 for pool cleaning services rendered by his company. Martin explains to you that despite various attempts to get Eric to pay his debts, he has yet to make any payment. Martin is especially upset because he has heard a rumour that Eric owes money to several people, amongst them a mutual best friend, Kenneth. Kenneth informed Martin that Er...

Question 1 1.1 Discuss Epstein v Epstein 1987 (4) SA 606 (C). (10) 1.2 Martin approaches you for advice. He informs you that his brother, Eric, owes him R24,000 for pool cleaning services rendered by his company. Martin explains to you that despite various attempts to get Eric to pay his debts, he has yet to make any payment. Martin is especially upset because he has heard a rumour that Eric owes money to several people, amongst them a mutual best friend, Kenneth. Kenneth informed Martin that Er...

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 ...

MRL3701 STUDY SUMMARY NOTES WITH QUESTIONS. This is an all-inclusive and a complete guide to MRL3701 - Insolvency Law 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 va...

MRL3701 EXAM Pack Frequently Asked Questions 2020___LATEST_EXAM_PACK___MEMOS__2015_TO_JUNE_2020.Fill in the missing words: (a) The term "debtor" also embraces a person who is incapable of managing his own affairs. (2) (b) Thabo’s application for voluntary surrender must contain an allegation that it will be to the advantage of creditors if his estate is sequestrated. (2) (c) Christopher commits an act of insolvency by departing from his dwelling with the intent by doing so to evade pay...

Section 1 Questions 1. 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. 2. What is the purpose of a notice of surrender? (2) The purpose of the notice of surrender is to alert credi...