Exam (elaborations)
MRL3701 EXAM PACK 2024/2025
- Course
- Institution
MRL3701 EXAM PACK 2024/2025 QUESTIONS WITH DETAILED ANSWERS, CREATED FOR EXAM PREPARATION. CONTAINS QUESTIONS FROM MOST RECENT PAST EXAM PAPERS WITH RESPECTIVE ANSWERS.
[Show more]
Seller
Follow
pablitoh11
Reviews received
Content preview
lOMoAR cPSD| 48047628, lOMoAR cPSD| 48047628
CONFIDENTIAL
2 of 11
MRL3701
M
a
y
/
J
u
n
e
2
0
2
4
UNIVERSITY EXAMINATIONS
May/June 2024
MRL3701
Insolvency Law
100 Marks
4 Hours
First examiner: Mrs Z Taljaard
Second examiner: Ms E Mbiriri
, lOMoAR cPSD| 48047628
CONFIDENTIAL
3 of 11
MRL3701
May/June 2024
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 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:
, lOMoAR cPSD| 48047628
CONFIDENTIAL
4 of 11
MRL3701
M
a
y
/
J
u
n
e
2
0
2
4
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)
Magnum Financial Section 21 of the Insolvency Act 24 of 1936 Disposition in
Holdings (Pty) Ltd v authorises the Master that the trustee may attach the ordinary
the property of the Solvent Spouse. course of
Summerly & business.
Another NNO 1984
(1) SA 160 W
Hendriks NO v With the disappearance of the companies Meaning of the
Swanepoel 1962 (4) substratum, if there is fraud committed, a word “debtor”.
deadlock in management, the dissolution of a
SA 338 (A) partnership and oppression.
Harksen v Lane NO The question to be decided was whether the trust Property which
& Others 1998 (1) before the court was susceptible of sequestration. falls in the
insolvent estate.
SA 300 (CC)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller pablitoh11. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.51. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
84190 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now