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MRL3701 EXAM WITH ORRECT ANSWERS
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MRL3701 EXAM WITH ORRECT ANSWERS
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MRL3701 EXAM WITH ORRECTANSWERS
The terms sequestration and sequestration order should stritly be used only with
reference to a ____ estate - correct answer -person's
In Ex Parte Henning, the statement of affairs that lay for inspection did not contain
the ____ information - correct answer -personal
According to section ____ of the Insolvency Act, it is an act of insolvency if a debtor
gives notice in writing to a creditor that he is unable to pay one or more of his debts
- correct answer -8(g)
A debtor may not, without the ____ consent of the trustee enter into a contract
which adversely affects his estate - correct answer -written
The property of the spouse of the insolvent, where the marriage is out of
community of property, also vests in the trustee of the insolvent estate, until it is
____ by the trustee - correct answer -released
Section 23(8) allows the insolvent to recover for his own benefit compensation for
any loss or damage which he may have suffered, whether before or after
sequestration of his estate, by reason of ____ or personal injury - correct answer -
defamation
The trustee is obliged to release property which was acquired by the solvent spouse
during her marriage with the insolvent by a valid _____ against creditors of the
insolvent - correct answer -title
The _______ of an employers estate suspends the employment contract between him
and his employees with immediate effect - correct answer -sequestration
If the insolvent has carried out his side of the contract and only the other party's
performance is outstanding, the right to that performance is an ___ in the insolvent
estate and vests in the trustee - correct answer -asset
,After receiving a final sequestration order the Master must immediately convene
(cause to come together) a _____ meeting of creditors by notice in the gov gazette -
correct answer -first
A nurse who has treated the insolvent's deceased wife or ____ may have a preferent
claim against the insolvent estate if further requirements are met - correct answer -
minor child
Note that as a result of a relative ground for disqualification such a person cannot
be a trustee of a specific insolvent estate. This prohibition differs from the ____
grounds for disqualification where such a person may not be a trustee of any
insolvent estate whatsoever - correct answer -absolute
the term disposition does not include a disposition made in compliance with an
______ - correct answer -order of court
A valid ____ is constituted where there is delivery of movable property to a creditor
on the understanding that it will be retained by him until his claim has been
satisfied - correct answer -pledge
Interest due on a secured claim for a period not exceeding ____ years immediately
preceding the date of sequestration is secured as if it were part of the capital sum -
correct answer -two
The rehabilitation of an insolvent is a matter which lies solely within the discretion
of the _____ - correct answer -court
the human beings (the natural persons) who administer the business of the
company are its ______ - correct answer -directors
When a partnership is dissolved because the estate of one of the partners has been
sequestrated, the partnership assets are divided among the partners in terms of the
partnership contract or the ______ - correct answer -common law
, Rehabilitation has the effect of putting an end to the _____ - correct answer -
sequestration
Employees are "preferred ______ creditors" for unpaid but due and payable sums of
remuneration, reimbursements for expenses or other employment related money
before the business rescue proceedings began - correct answer -unsecured
the main objective of a sequestration order is to secure the just and ____ distribution
of a debtor's assets where they are insufficient to meet the claims of all his
creditors - correct answer -equitable
the Master is a 'creature of statute' and as such has only the powers granted to him
by the _____ - correct answer -legislature
The debtor may not make a contract which purports to ____ of any property of his
insolvent estate - correct answer -dispose
On the receipt of a ______ sequestration order, the Master is obliged to convene
immediately by notice in the Gazette, a first meeting of creditors of the estate -
correct answer -final
According to section 2 of the Insolvency Act 24 of 1936, the term 'disposition'
includes , amongst others, a transfer or ______ of rights to property - correct answer
-abandonment
Broadly speaking, a party (Ben), has a right of ____ over specific property belonging
to anther if he (Ben) has expended labour or incurred expenses in respect of the
property - correct answer -retention (or lien)
there may be various reasons why an interested person wishes to apply for an order
that automatic rehabilitation should not take place after the lapse of 10 years. It
may, for example, happen that only just before the completion of the 10 year period
the trustee becomes aware of some possible _____ dispositions - correct answer -
impeachable
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