MRL3701 EXAM QUESTIONS AND
ANSWERS
title - answers the trustee is obliged to release property which was acquired by the solvent
spouse during her marriage with the insolvent by a valid _____ against creditors of the insolvent
sequestration - answers the _______ of an employers ...
title - answers the trustee is obliged to release property which was acquired by the solvent
spouse during her marriage with the insolvent by a valid _____ against creditors of the insolvent
sequestration - answers the _______ of an employers estate suspends the employment contract
between him and his employees with immediate effect
asset - answers if the insolvent has carried out his side of the contract and only the other party's
performance is outstanding, the right to that performance is an ___ in the insolvent estate and
vests in the trustee
first - answers after receiving a final sequestration order the master must immediately convene
(cause to come together) a _____ meeting of creditors by notice in the gov gazette
minor child - answers a nurse who has treated the insolvent's deceased wife or ____ may have a
preferent claim against the insolvent estate if further requirements are met
absolute - answers note that as a result of a relative ground for disqualification such a person
cannot be a trustee of a specific insolvent estate. This prohibition differs from the ____ grounds
for disqualification where such a person may not be a trustee of any insolvent estate whatsoever
order of court - answers the term disposition does not include a disposition made in compliance
with an ______
pledge - answers a valid ____ is constituted where there is delivery of movable property to a
creditor on the understanding that it will be retained by him until his claim has been satisfied
two - answers interest due on a secured claim for a period not exceeding ____ years
immediately preceding the date of sequestration is secured as if it were part of the capital sum
court - answers the rehabilitation of an insolvent is a matter which lies solely within the
discretion of the _____
directors - answers the human beings (the natural persons) who administer the business of the
company are its ______
, common law - answers when a partnership is dissolved because the estate of one of the partners
has been sequestrated, the partnership assets are divided among the partners in terms of the
partnership contract or the ______
sequestration - answers rehabilitation has the effect of putting an end to the _____
unsecured - answers employees are "preferred ______ creditors" for unpaid but due and payable
sums of remuneration, reimbursements for expenses or other employment related money before
the business rescue proceedings began
equitable - answers the main objective of a sequestration order is to secure the just and ____
distribution of a debtor's assets where they are insufficient to meet the claims of all his creditors
legislature - answers the master is a 'creature of statute' and as such has only the powers granted
to him by the _____
dispose - answers the debtor may not make a contract which purports to ____ of any property of
his insolvent estate
final - answers on the receipt of a ______ sequestration order, the master is obliged to convene
immediately by notice in the gazette, a first meeting of creditors of the estate
abandonment - answers according to section 2 of the insolvency act 24 of 1936, the term
'disposition' includes , amongst others, a transfer or ______ of rights to property
retention (or lien) - answers broadly speaking, a party (ben), has a right of ____ over specific
property belonging to anther if he (ben) has expended labour or incurred expenses in respect of
the property
impeachable - answers there may be various reasons why an interested person wishes to apply
for an order that automatic rehabilitation should not take place after the lapse of 10 years. It may,
for example, happen that only just before the completion of the 10 year period the trustee
becomes aware of some possible _____ dispositions
interrogation - answers a special meeting may be called for either of the following purposes: 1)
proof of claims and 2) ______ of the insolvent
voidable preferences - answers in hendriks no v swanepoel 1962, the legal position in respect of
________ was considered
, repudiate - answers if the trustee elects to ____ the contract (or if he is deemed to have done
so), the opposite party is precluded from obtaining an order of specific performance
trader - answers but the insolvent may not, without the consent in writing of his trustee, carry
on, be employed in any capacity in, or have any direct or indirect interest in, the business of a
_______ who is a general dealer or manufacturer
free residue - answers that portion of the insolvent estate which is not subject to any right of
preference by reason of any special mortgage, legal hypothec, pledge or right of retention is also
known as the _______
equally - answers although concurrent creditors rank equally, they do not necessarily receive
the same amounts when the free residue of the estate is distributed. The dividend payable to
concurrent creditors amounts to a certain ______ of cents in the rand
employment - answers when an employment contract between an employer and employee is
suspended in terms of section 38(1) of the insolvency act, amongst other things, no ______
benefit accrues to the employee in terms of the contract
value - answers examples of dispositions not for ___ are a donation and a payment for a
promise which the promisor cannot be compelled to carry out. To qualify as "value" the
reciprocal benefit need not be monetary or tangible one
pledge - answers a valid ____ is constituted where there is delivery of movable property to a
creditor on the understanding that it will be retained by him until his claim has been satisfied
fictitious - answers a company is a ____ person that has a legal personality separate from the
members of the company
true - answers in common parlance, a person is insolvent when he is unable to pay his debts.
But the legal test if insolvency is whether the debtor's liabilities, fairly estimated, exceed his
assets, fairly valued
false - answers publication if the notice in the gazette and a newspaper must take place not
more than 30 days and not less than 18 days before the date stated in the notice as the date for the
hearing of the application
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