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MRL3701 Assignment 2 Due 13 April 2024 WINDING UP MEANS - ans -essentially the procedure by which a company's assets are sold, its debts are paid, and any money left over is divided amongst the shareholders according to their rights. WINDING UP OF COMPANIES IS REGULATED BY THE FOLLOWING LEGISLATIVE PROVISIONS - ans -1. Section 79 - 81 of the Companies Act 71. Winding up of solvent companies 2. Chapter 14 of the Companies Act. 3. Various provision of the Insolvency Act. MODES OF WIN...

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13 pages

Written in 2023/2024

Grade A+

reagandave

MRL3701EXAM QUESTIONS AND ANSWERS. .-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 .abandonment - ANSWER-According to section 2 of the Insolvency Act 24 of 1936, the term ‘disposition’ includes , amongst others, a tra...

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21 pages

Written in 2023/2024

Grade A+

stuviaAgrade

MRL3701 Assignment 2 Due 13 April 2024 WINDING UP MEANS - ans -essentially the procedure by which a company's assets are sold, its debts are paid, and any money left over is divided amongst the shareholders according to their rights. WINDING UP OF COMPANIES IS REGULATED BY THE FOLLOWING LEGISLATIVE PROVISIONS - ans -1. Section 79 - 81 of the Companies Act 71. Winding up of solvent companies 2. Chapter 14 of the Companies Act. 3. Various provision of the Insolvency Act. MODES OF WIN...

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13 pages

Written in 2023/2024

Grade A+

ScottAcademics

MRL3701 Assignment Semester 1 2024. MRL3701 Assignment Semester 1 2024

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5 pages

Written in 2023/2024

Grade A+

ExcelAcademia2026

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. What is the purpose of a notice of surrender? (2) The purpose of the notice of surrender is to alert creditors as to the intended ap...

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53 pages

Written in 2023/2024

WisdomTeeth

MRL3701 LATEST EXAM PACK. VERIFIED Q AND A. MRL 3701 OCTOBER/NOVEMBER 2018 QUESTION 1 a) Inability to pay debts is, at most merely evidence of insolvency. (page 3) b) Brenda’s application for voluntary surrender must be set out the causes of her insolvency in some detail to enable the court to determine whether the application is ......................... c) Christopher commits an act of insolvency by departing from his dwelling with the intent by doing so to evade payment ...

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482 pages

Written in 2023/2024

Grade A+

munenedennis

MRL3701 Assignment 3 Semester 1 2024 Answers. Accurate and reliable solutions!

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15 pages

Written in 2023/2024

Grade A+

linokinyua

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 de...

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3 pages

Written in 2023/2024

Grade A+

Styne

MRL3701 EXAM PACK 2023 LATEST QUESTIONS AND ANSWERS MRL3701 EXAM PACK Revision PACK Questions. Answers NOTES Insolvency Law MRL301-M 1. INTRODUCTION TO INSOLVENCY LAW 1.1. Meaning of “insolvency” Section 2 of the Insolvency Act, 24 of 1936 (“Act”) – Definitions 'insolvent' when used as a noun, means a debtor whose estate is under sequestration and includes such ...

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205 pages

Written in 2023/2024

Grade A+

kinyuacackie

APPLICANT ENTITLED TO APPLY IN TERMS OF s9(1) Proceedings for the compulsory sequestration of debtors estate to be instituted by: a. creditor or his agent who has a liquidated claim against the debtor for not less than R100 b. two or more creditors or their agents who have liquidated claims against the debtor amounting, in aggregate, to not less than R200. Agent must be authorised to do so prior to bringing the application. Applicants lack of authority cannot be cured by ratification once ...

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20 pages

Written in 2023/2024

QUINTER

WINDING UP MEANS essentially the procedure by which a company's assets are sold, its debts are paid, and any money left over is divided amongst the shareholders according to their rights. WINDING UP OF COMPANIES IS REGULATED BY THE FOLLOWING LEGISLATIVE PROVISIONS 1. Section 79 - 81 of the Companies Act 71. Winding up of solvent companies 2. Chapter 14 of the Companies Act. 3. Various provision of the Insolvency Act.

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26 pages

Written in 2023/2024

Grade A+

QUINTER

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

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29 pages

Written in 2023/2024

Grade A+

QUINTER

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 insolven-cy 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 t...

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15 pages

Written in 2023/2024

Grade A+

mainaryan2001

MRL3701 EXAM PACK 2023 LATEST QUESTIONS AND ANSWERS MRL3701 EXAM PACK Revision PACK Questions. Answers NOTES Insolvency Law MRL301-M 1. INTRODUCTION TO INSOLVENCY LAW 1.1. Meaning of “insolvency” Everyday language A person is unable to pay his debts = merely evidence of insolvency Legal test of insolvency A debtor’s liabilities, fairly estimated, exceed his assets, fairly valued. A person is...

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205 pages

Written in 2023/2024

Grade A+

kinyuacackie

MRL3701 - Study Unit 7 - Vesting of the Assets of the Insolvent Questions with Correct Answers MRL3701 Study Unit 9 Uncompleted Contracts and Legal Proceedings Not Yet Finalized Questions with Correct Answers MRL3701 STUDY UNIT 6 - The Legal Position of the Insolvent Questions with Correct Answers MRL3701 - STUDY UNIT 11 - Uncompleted Contracts and

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14 items

ExamsGuru

FUNCTION OF THE TRUSTEE Correct Answer 1. Collect the assets in the estate 2. realize them 3. distribute proceeds amongst creditors in the order of preference laid down by the Act. VESTING OCCURS Correct Answer even in respect of property which has been sold in execution if the debtor's estate is sequestrated before delivery or transfer of the property concerned. IF PROVISION TRUSTEE IS APPOINTED Correct Answer Estate vests in him before vesting in the trustee THE ESTATE REMAINS VEST...

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5 pages

Written in 2023/2024

Grade A+

ExamsGuru

CONTRACT COMPLETED BY INSOLVENT BUT NOT BY OTHER PARTY Correct Answer If Insolvent Has Carried Out His Side Of The Contract And Only Other Party Needs To Perform, The Right To That Performance Is An Asset In The Insolvent Estate And Vests In The Trustee. If Right Is One To Payment The Trustee May Enforce It In Same Manner As Other Debts Owed To The Insolvent Estate. If Right Is To Some The Other Performance Trustee May Either Sell The Right Along With The Other Estate Assets Or Enforce Per...

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5 pages

Written in 2023/2024

Grade A+

ExamsGuru

PROHIBITED CONTRACTS Correct Answer May not make a contract that purports to dispose of any property of his insolvent estate. May not without the written consent of the Trustee enter into a contract which adversely affects his estate or any contribution which he is obliged to make towards his estate. MERVIS BROTHERS v HANEKOM Correct Answer M sued H the insolvent for the amount of a debt incurred prior to sequestration. Action was based on an undertaking given by H after sequestration that...

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4 pages

Written in 2023/2024

Grade A+

ExamsGuru

PURCHASE OF GOODS IN TERMS OF INSTALLMENT AGREEMENT Correct Answer Section 84 (1) provides, on sequestration of the buyer's estate, the seller automatically acquires a hypothec over the res vendita whereby the balance outstanding under the agreement is secured. As no one may have a hypothec over his own property, ownership in the res vindita passes from seller to insolvent estate. EFFECT OF SEQUESTRATION OF THE BUYER'S ESTATE Correct Answer the seller loses his right of ownership in the prope...

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2 pages

Written in 2023/2024

Grade A+

ExamsGuru

MEANING OF DISPOSITION Correct Answer S2 - term "disposition" means 'any transfer or abandonment of rights to property and includes a ale, lease, mortgage, pledge, delivery, payment, release, compromise, donation, or any other contract therefor, but doe not include a disposition in compliance with an order of the court' PROPERTY Correct Answer S2 means movable or immovable property, wherever situated within the Republic, includes a contingent interest in property other than the contingent...

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4 pages

Written in 2023/2024

Grade A+

ExamsGuru