MRL3701 EXAM WITH CORRECT AND VERIFIED
ANSWERS YEAR 2024/2025
In common parlance, a person may be said to be insolvent
when his liabilities, fairly estimated, exceed his assets, fairly
valued - verified answers-FALSE
A debtor who has no assets and only liabilities cannot
surrender his estates - verified answers-TRUE
When the debtor applies for voluntary surrender, the debtor's
affidavit, verifying that the statement of affairs is true and
complete and that every estimated amount contained in it is
fairly and correctly estimated, may be attested by the
applicant's attorney. - verified answers-FALSE
The debtor commits an act of insolvency if he gives notice in
writing of inability to pay any single one of his debts - verified
answers-TRUE
The court may exercise its discretion to refuse to grant a
sequestration order if the debtor has instituted an action for
damages against the creditor which, if successful will wipe out
the creditor's claim - verified answers-TRUE
While Sam is under sequestration she breaks Tim's jaw in a fist
fight and so Sam, not the trustee of Sam's insolvent estate,
may now be sued by Tim for delictual damages. - verified
answers-TRUE
Although the assets of Bravo Co Pty Ltd exceed its liabilities
the court may still grant an order for the winding up of the
company on the ground that one of its creditors, Colin, to whom
the company owes a due debt of R1000 left a demand for
payment at the company's registered office and the company
then for three weeks neglected to pay, secure, or compromise
the claim to Colin's satisfaction. - verified answers-TRUE
ANSWERS YEAR 2024/2025
In common parlance, a person may be said to be insolvent
when his liabilities, fairly estimated, exceed his assets, fairly
valued - verified answers-FALSE
A debtor who has no assets and only liabilities cannot
surrender his estates - verified answers-TRUE
When the debtor applies for voluntary surrender, the debtor's
affidavit, verifying that the statement of affairs is true and
complete and that every estimated amount contained in it is
fairly and correctly estimated, may be attested by the
applicant's attorney. - verified answers-FALSE
The debtor commits an act of insolvency if he gives notice in
writing of inability to pay any single one of his debts - verified
answers-TRUE
The court may exercise its discretion to refuse to grant a
sequestration order if the debtor has instituted an action for
damages against the creditor which, if successful will wipe out
the creditor's claim - verified answers-TRUE
While Sam is under sequestration she breaks Tim's jaw in a fist
fight and so Sam, not the trustee of Sam's insolvent estate,
may now be sued by Tim for delictual damages. - verified
answers-TRUE
Although the assets of Bravo Co Pty Ltd exceed its liabilities
the court may still grant an order for the winding up of the
company on the ground that one of its creditors, Colin, to whom
the company owes a due debt of R1000 left a demand for
payment at the company's registered office and the company
then for three weeks neglected to pay, secure, or compromise
the claim to Colin's satisfaction. - verified answers-TRUE
