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An act of insolvency need not be committed vis-à-vis the sequestrating creditor. Section 9(1) gives any creditor of the debtor the right to apply for sequestration once the debtor commits an act of insolvency—whether or not the debtor directed the act at the creditor concerned or intended it to have any bearing on that creditor's affairs.
Gatenby v Gatenby and Others [1] is an important case in South African law, heard in the Eastern Cape Division by Jones J on March 28 and April 9, 1996, with judgment handed down on April 23. IJ Smuts appeared for the applicant, and MJ Lowe for the respondents.
The first South African company legislation was the Companies Act [3] of 1926, which was based on the Transvaal Companies Act, [4] which was in turn based on the British Companies (Consolidation) Act 1908. The next major South African legislation in this area was the Companies Act [5] of 1973, which remained in force until 31 April 2011.
Harksen v Lane NO and Others is an important decision of the Constitutional Court of South Africa, delivered on 7 October 1997.The court dismissed a challenge to the constitutionality of the Insolvency Act, 1936, finding that it was consistent with the right to property and right to equality for the property of a solvent spouse to be attached to the insolvent estate of his or her partner.
As required by various legislation, the policy regulated the process for the appointment of insolvency practitioners to act as trustees of insolvent estates in insolvency proceedings under the Insolvency Act, 1936. Insolvency practice was historically dominated by white men, [1] and section 158(2) of the Insolvency Act explicitly licensed the ...
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis. [1]
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The main purpose of a liquidation where the company is insolvent is to collect its assets, determine the outstanding claims against the company, and satisfy those claims in the manner and order prescribed by law. The liquidator must determine the company's title to property in its possession.