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MRL3701 EXAM PACK ANSWERS () AND 2021 BRIEF NOTES
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Stuvia.com - The study-notes marketplaceMRL3701 EXAM PACK ANSWERS
i i i
(2021 - 2014) AND 2021 BRIEF NOTES
i i i i i i i
MRL3701
INSOLVENCYLAW i i
PASTEXAMPACKQUESTIONSANDANSWERS
i i i i i
(2021 – 2014) i i
SUMMARISEDNOTES
i i
i 2021
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MRL 3701 i
OCTOBER/NOVEMBER i2018
QUESTION i1
a) Inability ito ipay idebts iis, iat imost imerely ievidence iof iinsolvency. i(page i3)
b) Brenda’s iapplication ifor ivoluntary isurrender imust ibe iset iout ithe icauses iof iher
ii nsolvency iin isome idetail ito ienable ithe icourt ito idetermine iwhether ithe
iapplication iis i .........................
c) Christopher icommits ian iact iof iinsolvency iby ideparting ifrom ihis idwelling iwith ithe
ii ntent iby idoing iso ito ievade ipayment iof ihis idebts.(page i36)
d) The icourt imust ibe imindful iof ithe ifact ithat iwhere ia idebtor iand icreditor iin
isequestration iproceedings iare inot iat iarm’s ilength, ithere iis iconsiderable ipotential
ifor i.......................
e) If ia itrustee ielects ito iset iaside ia icontract, ihe imay irecover iany iperformance
irendered iby ithe iinsolvent, ibut ihe imust ialso irestore ito ithe ithird iparty iany
iperfomance ithat ithe iinsolvent ihas ireceived iunder ithe itransaction.
f) Dave iis ia iminer, iand ihis iright ito ia ibenefit ior ia ireward, ior imoney ipaid ito ihim ias ia
iminer, idoes inot iform ipart iof ihis iinsolvent iestate. i (page i72)
g) One iof ithe iduties iof ithe isheriff ion ireceiving ia isequestration iorder iis ito iserve ia icopy
iof ithe iorder ion ithe isolvent ispouse iif ishe ihas ia iseparate iestate ithat ihas inotibeen
isequestrated. i (page i81)
h) Section i84(1) iof ithe iInsolvent iAct ipresupposes ithat ithe iseller iis ithe iowner iof ithe
iproperty isold i(the ires ivendita). i(page i96)
i) If ithe iinsolvent ihas icarried iout ihis iside iof ithe icontract iand ionly ithe iother iparty’s
iperformance iis ioutstanding, ithe iright ito ithat iperformance iis ian iasset iin ithe
iinsolvent iestate iand ivests iin ithe itrustee. i (page i86)
j) Kim, ithe itrustee iof iLee’s iestate, iis iobliged ito iconvene ia igeneral imeeting iof
icreditors iby imeans iof ia inotice ithat imust istate ithe imatters ito ibe idealt iwith iat ithe
imeeting. i(page i111-112)
k) Where ithe iinsolvent icontracted ito iacquire iimmovable iproperty iand ithe iproperty
ihas inot ibeen itransferred ito ihim, ithe itrustee imust imake ihis ielection ito iuphold ior
irepudiate ithe icontract iwithin isix iweeks iafter ireceiving iwritten inotice ifrom ithe
iother iparty icalling iupon ihim ito ido iso.(page i88)
l) If ithe icreditors ielect ia itrustee iunlawfully, ithe iMaster iis inot iobliged ito iconfirm ithe
ielection. i(page i124)
m) In ideciding iwhether ia idisposition iwas imade iin ithe iordinary icourse iof ibusiness,
ian iobjective itest iis iapplied. i(page i143)
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n) In iterms iof isection i89(2) iof ithe iInsolvency iAct, ia isecured icreditor imay, iwhen
iproving ihis iclaim, ichoose ito irely iexclusively ion ihis isecurity. i(page i183)
o) Compared ito icommon-law icompromise, ithe imain iadvantage iof ia istatutory
icomposition iis ithat iit idoes inot idepend ion ithe iparticipation iof iall ithe icreditors.
i(page i203)
p) An iapplication ifor irehabilitation iis ibrought iby iway iof inotice iof imotion isupported
iby iaffidavits. i(page i212)
q) When ia ipartnership iis idissolved ibecause ithe iestate iof ione iof ithe ipartners ihas
ibeen isequestrated, ithe ipartnership iassets iare idivided iamong ithe ipartners iin
iterms iof ipartnership icontract ior ithe i common ilaw. i(page i223)
r) The ihuman ibeings i(natural ipersons) iwho iadminister ithe ibusiness iof ithe
icompany iare i the imanagement/its idirectors. i()
s) A ivoluntary iwinding iup iof iKilo iCC imay ibe ieither ia icreditors’ ivoluntary iwinding
iup, ia ivoluntary iwinding iup iby ithe icorporation, ior ia ishareholders ivoluntary
iwinding iup. i(page i241)
t) The iapplication ifor icompulsory ibusiness irescue isuspends iany iliquidation
iproceedings iinvolving ithe icompany. i (page i279)
QUESTION i2
1. T i(page i6)
2. T i(page i19)
3. F i(page i39)
4. F i(page i63)
5. F i(page i78)
6. T i(page i81)
7. F i(page i63)
8. i F i(page i111-112)
9. T i(page i148)
10. F i(page i95)
11. F i(page i209)
12. F i(page i18)
13. F i(page i243)
14. T i(page i241)
15. F i(page i279)
QUESTION i3
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a) A iperson iis iinsolvent iwhen ihis iliabilities ifairly ivalued iexceed ihis iassets ifairly
ivalued. iA iperson’s iestate imay ibe isequestrated iin-order ito isecure ithe iorderly iand
iequitable idistribution iof ia idebtor’s iassets i wher ithey iare iinsufficient ito imeet iclaims
iof iall ihis icreditors. iTherefore ifor ithe igranting iof ia isequestration iorder ithe ifollowing
irequirements i must ibe imet;
The idebtor’s iestate imust iin ifact ibe iinsolvent
The idebtor ihas isufficient iassets ito idefray iall icosts iof isequestration
Only iif isequestration iis ito ithe iadvantage iof icreditors. i(page i18)
If ithese irequirements iare imet ithe iorder ifor isequestration imay ibe igranted iif inot
isequestration iorder iwill i be irefused.
b) In iterms iof isection i17(4) iof ithe iMatrimonial iProperty iAct i88 iof i1984 iboth
ispouses iwho ijointly iown ian iestate ibecause ithey iare imarried iin iCommunity iof
iproperty imay iapply ifor isequestration. i(page i18)
c) Amod iv iKhan iSEE iATTACHED iDOCUMENT iFOR iCASE iSUMMARIES
d) (i) The itrustee iof ithe iinsolvent iestate imay ihave ia iclaim iin iterms iagainst
iMpho’s iestate ito ithe iextent iof ithe iaccrual. iThis iis iso ibecause ithe iante-nuptial
icontract idoes inot iexclude iaccrual itherefore ia ipart iof ithe iaccrual iestate ibelongsito
iTenza’s iinsolvent iestate iand ithe itrustee iis imandated iwith ithe icollection iof iall
iassets ifor ithe iorderly iand ifair idistribution ito iall icreditors.
(ii) iThe ianswer iwill inot ichange ithe iexception iis iif iMpho ibequeath iher iestate ito
iTenza ithen ithe iinheritance iwill i then ifall iinto iTenza’s i insolvent iestate.
e) Section i26 iprovides ithat idispositions imade iwithout ivalue imay ibe iset iaside,
iwhereas isection i27 iprovides ian iexception ito ithis iby isaying iNo iimmediate ibenefit
iunder iduly iregistered iante-nuptial icontract igiven iin igood ifaith iby ia iman ito ihis iwife
ior iany ichild iborn iof ithe imarriage ishall ibe iset iaside ias ia idisposition iwithout ivalue
iunless ithat ithe iman’s iestate iwas isequestrated iwithin itwo iyears iof ithe iregistration
iof ithat iante-nuptial i contract.
f) Notification iof ithe iintention ito isequestrate iwill iinform ithe icreditors iso ithat ithey
ican ihave itime ito iadequately ideal i with ithe imatter ito itheir iadvantage.
g) A icourt imay iwind iup ia icompany iif iit iis iunable ito ipay iits idebts ias iprovided iin
isection i345 iof ithe iCompanies iAct i2008in iterms iof isection i345 ia icompany iis
ideemed ito ibe iunable ito ipay iits idebts iin ithe ifollowing iways;
A icreditor ito iwhom ithe icompany iis iindebted ifor iat ileast iR100 ihas ileft ia
il etter iof idemand ifor ipayment iat ithe icompany’s iregistered ioffice iand ithe
icompany ihas ineglected ifor ithree iweeks ithereafter ito ipay, isecure ior
icompromise.
A iwarrant iof iexecution iissued ion ijudgment iagainst ithe icompanyhas ibeen
ireturned iby ithe isherriff iwith ian iendorsement ithat ihe idid inot ifind
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