MRL3701 Insolvency Law (MRL3701)

MRL3701 Assignment 2 Semester 1 & 2 2021

Mrl3701-qa-insolvency. 1 Section 1 Questions What is the definition of a “debtor” in terms of the Insolvency Act 24 of 1936? (4) A debtor means a person or a partnership or the estate of a person or a partnership which is a debtor in the usual sense of the word, except a body corporate or a company or other association of persons which may be placed in liquidation under the law relating to companies. What is the purpose of a notice of surrender? (2) The purpose of the notice of surre...

MRL3701 - EXAM PACK. OCTOBER / NOVEMBER 2019 EXAMINATION PAPER AND ANSWERS QUESTION 1 - FILL IN THE BLANKS (a) The term "debtor" also embraces a partnership, even one whose members are all JURISTIC persons (2) (b) The free residue includes the balance of the proceeds of ENCUMBERED property after discharge of the encumbrances (c) A "liquidated claim " is a MONEY claim (2) (2) (d) An application for compulsory sequestration brought by a creditor who Is not at arm's length Is genera...

MRL3701 EXAM PACK 2022. Meaning of “insolvency” Section 2 of the Insolvency Act, 24 of 1936 (“Act”) – Definitions 'insolvent' when used as a noun, means a debtor whose estate is under sequestration and includes such a debtor before the sequestration of his estate, according to the context. 'insolvent estate' means an estate under sequestration. Everyday language A person is unable to pay his debts = merely evidence of insolvency Legal test of insolvency A debtor’s liabiliti...

MRL3701 EXAM PACK 2022. Insolvency Law. Section 2 of the Insolvency Act, 24 of 1936 (“Act”) – Definitions 'insolvent' when used as a noun, means a debtor whose estate is under sequestration and includes such a debtor before the sequestration of his estate, according to the context. 'insolvent estate' means an estate under sequestration. Everyday language A person is unable to pay his debts = merely evidence of insolvency Legal test of insolvency A debtor’s liabilities, fairly e...

MRL3701 EXAM PACK 2022. MRL3701 - Insolvency Law INTRODUCTION TO INSOLVENCY LAW 1.1. Meaning of “insolvency” Section 2 of the Insolvency Act, 24 of 1936 (“Act”) – Definitions 'insolvent' when used as a noun, means a debtor whose estate is under sequestration and includes such a debtor before the sequestration of his estate, according to the context. 'insolvent estate' means an estate under sequestration. Everyday language A person is unable to pay his debts = merely evidence...

MRL3701-Insolvency Law EXAM PACK 2020-2021. 2020 – MAY / JUNE EXAMINATION PAPER Question 1 Fill in the missing words: (a) The term "debtor" also embraces a person who is incapable of managing his own affairs. (2) (b) Thabo’s application for voluntary surrender must contain an allegation that it will be to the advantage of creditors if his estate is sequestrated. (2) (c) Christopher commits an act of insolvency by departing from his dwelling with the intent by doing so to evade paym...

MRL3701-INSOLVENCY LAW SUMMARY NOTES . STUDY UNIT 1 INTRODUCTION TO INSOLVENCY LAW 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. Summarise the authority which the court relied on to solve the problem which it faced. No South African case seemed to have dealt with whether a trust could be sequestrated in terms of section 9(1) read with the definition of “debtor” in section 2 of ...

MRL3701-Insolvency Law SUMMARY NOTES WITH QUESTIONS. Study unit 1: Introduction to Insolvency Law Case Law: NB: Magnum Financial Holdings (Pty) Ltd (in Liquidation) v Summerly and another NNO 1984 (1) SA 160 (W) Meaning of “insolvency” Common meaning – a person is insolvent when he is unable to pay his debts, however, The legal test for insolvency is whether the debtor's liabilities, fairly estimated, exceed his assets, fairly valued. The inability to pay debts Is merely evidence o...

MRL3701- Insolvency Law EXAM PACK 2021. QUESTION 1 Fill in the missing words or word: (a) A debtor’s estate is sequestrated, not the debtor himself. (2) (b) The debtor need not have ordinarily resided or carried on business for the entire 12 months preceding the sequestration application: ordinary residence or conduct of business at any time during that period suffices. (2) (c) Free residue’ is defined in s 2 as ‘that portion of the estate which is not subject to any right of prefer...