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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)
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
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
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
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
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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