MRL 3701 - INSOLVENCY LAW - LATEST ASSIGNMENT PACK.
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Module
MRL3701 - Insolvency Law
Institution
University Of South Africa
MRL 3701 - INSOLVENCY LAW - LATEST
ASSIGNMENT PACK
2019 - SEM 1 & 2 ASS
2018 – SEM 1 & 2 ASS
ACTIVITIES Q & A
SELF TEST Q & A
FIRST-SEMESTER ASSIGNMENTS
Assignment 01
FILL-IN QUESTIONS
1. The notice of motion, founding affidavit(s) and annexures must be filed with the
REGISTRAR of the H...
MRL 3701 - INSOLVENCY LAW - LATEST
ASSIGNMENT PACK
2019 - SEM 1 & 2 ASS
2018 – SEM 1 & 2 ASS
ACTIVITIES Q & A
SELF TEST Q & A
,FIRST-SEMESTER ASSIGNMENTS
Assignment 01
FILL-IN QUESTIONS
1. The notice of motion, founding affidavit(s) and annexures must be filed with the
REGISTRAR of the High Court prior to the date advertised in the notice of surrender.
(See chapter 2.)
2. Although the Master fixes the date of the second meeting, he does not convene it; this is
the duty of the TRUSTEE. (See chapter 9.)
3. A disposition in fraud of creditors may be set aside in terms of the ACTION PAULIANA
4. A landlord who is owed rent has a HYPOTHEC over movable property brought on to
the leased premises for use by the tenant. (See chapter 16.)
5. Business rescue proceedings, once under way, automatically impose a general
Moratorium on legal proceedings against the company. (See study unit 24.)
6. The courts have accepted that they must, as a matter of policy, scrutinize every friendly
sequestration. (See chapter 3.) - TRUE
7. The insolvent may not recover for his own benefit the remuneration or reward for work
done or professional services rendered by him after sequestration, because it falls part of
his insolvent estate. (See chapter 5.) - FALSE
8. The trustee is obliged to release property that was the solvent spouse’s property if it was
acquired by the solvent spouse under a marriage settlement. (See chapter 6.)-TRUE
9. Similar to a company, provision is made for the appointment of a provisional liquidator for
a close corporation. (See study unit 23.) - FALSE
10. In Southern Palace Investments 265 (Pty) Ltd v Midnight Storm Investments 386 (Pty)
Ltd 2012 (2) SA 423 (WCC), Southern Palace applied to court for Midnight Storm to be
placed in business rescue proceedings and the court granted the application. (See MO
study unit 24.)- FALSE (The court rejected the application for business rescue, and
placed MS in provisional liquidation)
TOTAL FOR ASSIGNMENT 01: [10]
, Assignment 02
QUESTION: Semester 01 Assignment 02
1. Give reasons why the court in Magnum Financial Holdings (Pty) Ltd (in Liquidation) v
Summerly and another 1984 (1) SA 160 (W) was satisfied that the applicants had made
out a case for the relief sought (the urgent grant of a provisional sequestration order).
There had been sufficient service of the papers on the trustee of the trust. (Note that this was not a trustee
in terms of the Insolvency Law, because the estate of the trust had not yet been sequestrated. Instead, the
trustee was the trustee in terms of the law of trusts, who administered the trust property for the benefit of
the trust beneficiaries.) The one provisional liquidator of the applicant company had locus standi to apply for
the provisional sequestration of the trust estate. The applicant company had a claim against the trust for
about R1,6 million which was due and payable. An act of insolvency in terms of section 8(g) of the
Insolvency Act, 1936 had been committed, and the trust estate was also insolvent. It was to the advantage
of the trust’s creditors that its estate be sequestrated urgently. Further, the necessary security bond had
been duly lodged and also annexed to the court papers
2. Identify the problem faced by the court in Magnum Financial Holdings.
The only problem before the court was whether a trust could, at law, be sequestrated
SECOND-SEMESTER ASSIGNMENTS - 2018
Assignment 01
QUESTIONS: Semester 02 Assignment 01 (One mark per question)
FILL-IN QUESTIONS
1. A sequestration order is a formal declaration that a debtor is INSOLVENT.
2. The insolvents right to earn and recover income relates only to LAWFUL income.
3. Section 21 was introduced to prevent, or at least hamper, COLLUSION between
spouses to the detriment of creditors of the insolvent estate. (See chapter 6.)
4. The object of s 26 is simply to prevent a person in insolvent circumstances from
IMPOVERISHING his estate by giving away assets without receiving any
appreciable advantage in return. (See chapter 12.)
5. In Southern Palace Investments 265 (Pty) Ltd v Midnight Storm Investments 386 (Pty)
Ltd 2012 (2) SA 423 (WCC), Southern Palace applied to court for Midnight Storm to be
placed in business rescue proceedings and the REJECTED the application. (See
study unit 24.)
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