tut_201-1-2012_mrl3701.pdf - MRL3701 Tutorial Letter Insolvency Law MRL3701 Semesters 1 and 2 Department of Mercantile Law This tutorial letter contains

tut_201-1-2012_mrl3701.pdf - MRL3701 Tutorial Letter...

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MRL3701/201/3/2012 Tutorial Letter 201/3/2012 Insolvency Law Semesters 1 and 2 Department of Mercantile Law This tutorial letter contains important information about the assignments in your module. Bar code MRL3701
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2 CONTENTS 1 INTRODUCTION AND WELCOME .................................................................................... 3 1.1 Tutorial matter ..................................................................................................................... 3 2 CONTENTS OF THIS TUTORIAL LETTER ....................................................................... 3 3 SUGGESTED ANSWERS TO ASSIGNMENT 01 .............................................................. 3 4 SUGGESTED ANSWERS TO ASSIGNMENT 02 .............................................................. 4 5 SUGGESTED ANSWERS TO ASSIGNMENT 03 .............................................................. 5 Please note / important notes:
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MRL3701/201 3 1 INTRODUCTION AND WELCOME Dear Student 1.1 Tutorial matter So far this academic year you should have received the following study material: Study guide Tutorial letters (1) 101/3/2012 (Various topics) (2) 102/3/2012 (Discussion of the examination and suggested answers to the Oct/Nov 2011 examination paper, advice on the 2012 examination paper, and summary of some provisions of the new Companies Act 71 of 2008) If you have still not received your tutorial letters or the study guide, please do not contact the Department of Mercantile Law but contact the Department of Dispatch immediately . If you lose your tutorial letters received during the year, please contact the Department of Dispatch, not the Department of Mercantile Law, for replacements. The study material is also available on the myUnisa system at . 2 CONTENTS OF THIS TUTORIAL LETTER 1 Suggested Answers to Assignment 01 2 Suggested Answers to Assignment 02 3 Suggested Answers to Assignment 03 3 SUGGESTED ANSWERS TO ASSIGNMENT 01 1 A notice of surrender published in the Government Gazette can be withdrawn without the written consent of the Master. (2) F A notice of surrender published in the Government Gazette cannot be withdrawn without the written consent of the Master (s 7(1) of the Insolvency Act 24 of 1936). Hockly 2.4.4 ____________________________________________________________________________ 2 In an application for compulsory sequestration, it is possible to infer that the debtor is insolvent merely because he asked the creditor for time to pay the debt. (2) F Insolvency cannot be inferred simply from the fact that the debtor has not paid his debts, or has requested time to pay ( Corner Shop (Pty) Ltd v Moodley 1950 (4) SA 55 (T) 60). Hockly 3.1.2(ii) ____________________________________________________________________________
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4 3 The Master or creditors representing one-quarter of the value of all claims proved against the insolvent estate may require the trustee to call a general meeting. (2) T The trustee is obliged to call a general meeting if required to do so by the Master or by creditors representing one-fourth of the value of all claims proved against the estate (s 41 of the Insolvency Act 1936). Hockly 9.1.4 ____________________________________________________________________________ 4 An insolvent convicted of fraud in relation to his insolvency may apply for his rehabilitation only after five years have elapsed from the date of the sequestration of his estate. (2) F If the insolvent has been convicted of a fraudulent act in relation to his insolvency (or any previous insolvency), he may apply for rehabilitation only after five years have elapsed from the date of his conviction (s 124(2)(c) of the Insolvency Act 1936). The relevant date is therefore the date of conviction , not the date of sequestration.
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