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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.
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.
A limited company becomes insolvent when it can no longer pay its bills when due, or its liabilities—including contingent liabilities such as redundancy payments—outweigh the company’s assets. This is a critical point in the lifespan of a company as it denotes when the directors ' responsibilities move from the interests of shareholders ...
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]
You can claim balance-sheet insolvency to the IRS if your liabilities exceed the fair market value of your assets. Struggling to meet your financial obligations can be stressful and overwhelming.
In South Africa, owners of businesses that had at any stage traded insolvently (i.e. that had a balance-sheet insolvency) become personally liable for the business's debts. Trading insolvently is often regarded as normal business practice in South Africa, as long as the business is able to fulfill its debt obligations when they fall due.