100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ASSIGNMENT 2 SEMESTER 2 2024 R163,33   Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of South Africa (Unisa)
  4.  
  5. INSOLVENCY LAW (MRL3701)

Essay

ASSIGNMENT 2 SEMESTER 2 2024
 6 views  0 purchase

Simphiwe owes a total of R3 million to various creditors. His creditors include Tebogo to whom he owes R400 000. He also owes R1,3 million to BFN Bank. Last year Simphiwe invested in a get-rich-quick scheme and as a result he lost a lot of money. This left him in a dire financial situation. B...

[Show more]

Preview 1 out of 2  pages

Document information

  • September 14, 2024
  • 2
  • 2024/2025
  • Essay
  • Unknown
  • A+

Subjects

Written for

All documents for this subject (64)

Seller

avatar-seller
NathylZulu

Content preview

INSOLVENCY LAW MRL3701 ASSIGNMENT 2 2ND SEM 2024

Q1

Dispositions which prefers one creditor above another voidable preference

What must be proved Section 29(1) allows the court to set aside a disposition
meeting the following requirements and the onus is on the trustee to prove them:

a. that the insolvent made the disposition;
b. not more than 6 months before the sequestration of his estate or his death;
and
c. if the disposition had the effect of preferring one of the insolvent’s creditors
above another and immediately after the disposition was made, the liabilities
of the insolvent exceeded the value of his assets.

Q2

Disposition intended to prefer one creditor: undue preference

What must be proved Section 30 allows the court to set aside a disposition meeting
the following requirements and the onus is on the trustee to prove them:

a. that the insolvent made the disposition;
b. at any time before sequestration;
c. with the intention of preferring one of his creditors above another; and
d. when he made the disposition, his liabilities exceeded his assets.

Q3

In South African insolvency law, the trustee of Simphiwe’s insolvent estate may have
grounds to recover the R80,000 paid to his father-in-law. This recovery would be
based on the principles of voidable preferences under the Insolvency Act 24 of
1936.

Voidable Preferences

A voidable preference occurs when an insolvent debtor makes a payment or
transfers an asset to one creditor in preference to others, shortly before the

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

Quick and easy check-out

You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

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 this summary from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller NathylZulu. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R163,33. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

60434 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 14 years now

Start selling
R163,33
  • (0)
  Buy now