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Insolvency Act, 1936 (Act No. 24 of 1936)

 

Act

1. Repeal of laws

2. Definitions

3. Petition for acceptance of surrender of estate.

4. Notice of surrender and lodging at Master's office of statement of debtor's affairs.

5. Prohibition of sale in execution of property of estate

6. Acceptance by court of surrender of estate

7. Withdrawal of notice of surrender

8. Acts of insolvency

8A. Debt review

9. Petition for sequestration of estate

10. Provisional sequestration

11. Service of rule nisi

12. Final sequestration or dismissal of petition for sequestration

13. Sequestration of partnership estate

14. Petitioning creditor to prosecute sequestration proceedings until trustee appointed

15. Compensation to debtor if petition is an abuse of court's procedure or malicious or vex

16. Insolvent and spouse whose separate estate

17. Notice of sequestration

18. Appointment of provisional trustee by Master

18A. Trustee to furnish particulars of insolvent

18B. Trustee may cause caveat to be entered

19. Attachment of property by deputy sheriff

20. Effect of sequestration on insolvent's property

21. Effect of sequestration on property of spouse of insolvent

22. Payment of debts after sequestration

23. Rights and obligations of insolvent during sequestration

24. Provisions relating to property in possession of insolvent after sequestration

25. Estate to remain vested in trustee until composition or rehabilitation

26. Disposition without value

27. Antenuptial contracts

28. [Repealed]

29. Voidable preferences

30. Undue preference to creditors

31. Collusive dealings before sequestration

32. Proceedings to set aside improper disposition

33. Improper disposition does not affect certain rights

34. Voidable sale of business

35. Uncompleted acquisition of immovable property before sequestration

35A. Transactions on an exchange

35B. Agreements providing for termination and netting

36. Goods not paid for which debtor purchased not on credit

37. Effect of sequestration upon a lease

38. Effect of sequestration on contract of service

39. Time and place of meetings of creditors

40. First and second meetings of creditors

41. General meetings of creditors

42. Special meetings off creditors

43. A creditor may register his name and address with trustee

44. Proof of liquidated claims against estate

45. Trustee to examine claims

46. Set-off

47. Right of retention and landlord's legal hypothec

48. Proof of conditional claim

49. Claims against partnership distinct from claims against partners

50. Arrear interest. Debt due after sequestration

51. Withdrawal of claim already proved against estate

52. Voting at meeting of creditors

53. Questions upon which creditors may vote

54. Election of trustee

55. Persons disqualified from being trustees

56. Appointment of trustee. Security for his administration

57. Appointment of trustee or co-trustee by Master

58. Vacation of office of trustee

59. Court may declare a person disqualified from being a trustee, or remove a trustee

60. Removal of trustee by Master

61. Leave of absence or resignation of trustee

62. Election of new trustee

63. Remuneration of trustee or curator bonis

64. Insolvent and others to attend meetings of creditors

65. Interrogation of insolvent and other witnesses

66. Enforcing summonses and giving of evidence

67. Steps to be taken on suspicion of an offence

68. Presumption as to record of proceedings and validity of acts at meetings of creditors

69. Trustee must take charge of property of estate

70. Banking accounts and investments

71. Record of all receipts

72. Unlawful retention of moneys or use of property by trustee

73. Trustee may obtain legal assistance

74. Improper advising or conduct of legal proceedings

75. Legal proceedings against estate

76. Continuance of pending legal proceedings by surviving or new trustee

77. Recovery of debts due to estate

78. Extension of time for payment or compounding of debts due to estate, and arbitration

79. Subsistence allowance for insolvent and family

80. Continuation of insolvent's business

80bis. Sale of movable or immovable property on authorization of Master

81. Trustees report to creditors

82. Sale of property after second meeting and manner of sale

83. Realisation of securities for claims

84. Special provisions in case of goods delivered to a debtor in terms of an instalment agr

85. Exclusion or limitation of preference under legal hypothec

86. Effect of general bond and general clause

87. Ranking of mortgages for future debts

88. Certain mortgages are invalid

89. Costs to which securities are subject

90. Land Bank not affected by this Act

91. Liquidation account and plan of distribution or contribution

92. Manner of framing liquidation account

93. Trading account

94. Form of plan of distribution

95. Application of proceeds of securities

96. Funeral and death-bed expenses

97. Cost of sequestration

98. Costs of execution

98A. Salaries or wages of former employees of insolvent

99. Preference in regard to certain statutory obligations

100. [Repealed]

101. Preference in regard to taxes on persons or the incomes or profits of persons

102. Preference under a general bond

103. Non-preferent claims

104. Late proof of claims

105. Form of plan of contribution

106. Contributions by creditors towards cost of sequestration when free residue insufficien

107. Trustee's account to be signed and verified

108. Inspection of trustee's accounts by creditors

109. Extension of period for submission of account by trustee

110. Compelling trustee to submit accounts

111. Objections to trustee's account

112. Confirmation of trustee's accounts

113. Distribution of estate and collection of contributions from creditors

114. Trustee to produce acquittances for dividends or to pay over unpaid dividends to Maste

115. [Repealed]

116. Surplus to be paid into Guardians' Fund until rehabilitation of insolvent

116bis. Failure by trustee to submit account or to perform duties

117. Enforcement of order of court

118. Enforcing payment of contributions

119. Composition

120. Effect of composition

121. If insolvent partner enters into composition, trustee of partnership estate may take o

122. Effect of composition on spouse of the insolvent

123. Functions of trustee under composition

124. Application for rehabilitation

125. Security to be furnished prior to application for rehabilitation

126. Facts to be averred on application for rehabilitation

127. Opposition to or refusal by court off rehabilitation

127A. Rehabilitation by effluxion of time

128. Partnership cannot be rehabilitated

129. Effect of rehabilitation

130. Illegal inducements to vote for composition or not to oppose rehabilitation

131. Recovery of penalty

132. Concealing or destroying books or assets

133. Concealment of liabilities or pretext to existence of assets

134. Failure to keep proper records

135. Undue preferences, contracting debts without expectation of ability to pay, etc

136. Failure to give information or to deliver assets, books, etc

137. Obtaining credit during insolvency, offering inducements, etc

138. Failure to attend meetings of creditors or give certain information

138bis. Presumption in case of prosecution for failure to notify change of address

139. Failure to appear or to give evidence or giving false evidence

140. Failure of insolvent or spouse to appear to give evidence

141. Acceptance of consideration for certain illegal acts or omissions

142. Removing or concealing property to defeat an attachment or failure to disclose propert

143. Criminal liability of partners, administrators, servants or agents

144. Criminal liability of trustee for neglect of certain duties

145. Obstructing trustee

146. Evidence of liability incurred by insolvent

147. Offences committed by insolvent in different provinces may be tried at his place of bu

148. [Repealed]

149. Jurisdiction of the court

150. Appeal

151. Review

151bis. Costs of review

152. Master may direct trustee to deliver documents or property or call upon any person to

153. Fees of office and certain costs

154. Custody of documents. Admissibility of copies or certificates

155. Destruction of documents

156. Insurer obliged to pay third party's claim against insolvent

157. Formal defects

158. Regulations and policy

158bis. Minister may amend First Schedule

158ter. [Repealed]

159. Short title and date of commencement

Schedules