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MRL3701 EXAM PACK 2024/2025
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MRL3701 EXAM PACK 2024/2025 QUESTIONS WITH COMPLETE ANSWERS, COMPILED FROM RECENT PAST EXAM PAPERS. PERFECT FOR EXAM PREPARATION.
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UNIVERSITY EXAMINATIONS
May/June 2024
MRL3701
Insolvency Law
100 Marks
4 Hours
First examiner: Mrs Z Taljaard
Second examiner: Ms E Mbiriri
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Question 1
1.1 When a debtor is sequestrated, a Master is appointed to administer the estate. Answer the
following questions regarding the appointment of the Master: (5)
(a) In terms of which piece of legislation is the Master appointed? [1]
(b) What is the pivotal role and function of the Master? [2]
(c) What is meant by saying the Master is a “creature of statute”? [2]
1.2 Certain sections of the Insolvency Act 24 of 1936 have been amended over time, but
it remains one of the oldest statutes of general application still in force. It is therefore
difficult to synchronise the application of the Act with legal, economic, technological
and commercial advances. It is imperative that the South African Insolvency Law be
reformed. Discuss five (5) initiatives that have been identified that can assist in law
reform. (5)
1.3 The Eastern Cape High Court has given a judgment of R80 000 against Jonah in favour
of Zanele. Upon the demand of the officer whose duty it is to execute the judgment,
Jonah fails to satisfy it and also fails to indicate to the officer disposable property
sufficient to satisfy the judgment. The return made by the officer states that he has not
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found sufficient disposable property to satisfy the judgment. Explain to Zanele what the
implications of the aforementioned facts may be. (10)
1.4 See the table below and match the columns to answer the following questions. You
must therefore match three columns; case name, ratio decidendi of the case, and area
of Insolvency Law applicable and answer the question as follows on your exam answer
sheet (see example below). (15) EXAMPLE:
1. Case name: Joint Liquidators of Glen Anil v Hill Samuel 1982 (1) SA 103 (A).
2. Ratio decidendi of the case: The bonds in favour of Hill Samual did confer a
preferent status.
3. Area of Insolvency Law applicable: Special Mortgages.
Case Name: (1/2) Ratio decidendi of the case: (1) Area of
Insolvency Law
applicable:
(1/2)
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