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MRL3701 EXAM PACK 2024/2025
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MRL3701 EXAM PACK 2024/2025 QUESTIONS WITH DETAILED ANSWERS, CREATED FOR EXAM PREPARATION. CONTAINS QUESTIONS FROM MOST RECENT PAST EXAM PAPERS WITH RESPECTIVE ANSWERS.

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  • October 21, 2024
  • 57
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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lOMoAR cPSD| 48047628

, lOMoAR cPSD| 48047628




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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




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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:

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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)

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