Solvency - Study guides, Class notes & Summaries

(a) Explain the concept of a voidable preference, and also discuss what a trustee must prove in order to have such a transaction set aside by the court. (3 marks) A voidable preference in insolvency law refers to a situation where a debtor, who is facing financial difficulties, transfers assets or pays off debts to a particular creditor(s) in preference to others. This can be seen as unfair to the other creditors who are left unpaid or with fewer assets to claim against. The purpose of the law ...

Question 2 Not yet answered Marked out of 1.00 Flag question Question text The transactions are summarised in the ledgers and contain the information such as names of parties to the transaction, description of transactions, source document numbers etc. Select one: True False Question 3 Not yet answered Marked out of 2.00 Flag question Question text Use the following information to answer the question below: SA Traders is a business that sells electronic equipment. The entity i...

Question 1 1.1 Identify the problem / issue that was faced by the court in Magnum Financial Holdings (Pty) Ltd (in liquidation) v Summerly and another NNO 1984 (1) SA 160 (W) and give reasons why the court in this case was satisfied that the applicants had made out a case for the relief sought. (5) 1.2 Dumisani approaches you for advice. He informs you that his brother, Benson, owes him R24 000 for gardening services rendered by his company. Dumisani explains to you that despite various attemp...

INSOLVENCY LAW MRL 3701 2020 EXAM PACK QUESTIONS AND ANSWERS FROM2015 TO 2020 MAY 2020 Q & A NOV 2019 Q & A MAY 2019 Q & A OCT 2018 Q & A MAY 2018 Q & A NOV 2017 -Q & A NOV 2016 Q & A JUNE 2016 Q & A NOV 2015 Q & A MRL 3701 2020 – MAY / JUNE EXAMINATION PAPER Question 1 Fill in the missing words: (a) The term "debtor" also embraces a person who is incapable of managing his own affairs. (2) (b) Thabo’s application for voluntary surrender must contain an allegation that i...

1. Projected future financial statements are called: A. plug statements. B. pro forma statements. C. reconciled statements. D. aggregated statements. E. comparative statements. 2. The extended version of the percentage of sales method: A. assumes that all net income will be paid out in dividends to stockholders. B. assumes that all net income will be retained by the firm and offset by a reduction in debt. C. is based on a capital intensity ratio of 1.0. D. requires that all f...

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Insolvency Law Assignment 2 solutions.

INSOLVENCY LAW_ MRL3701 SUMMARY NOTES WITH QUESTIONS LATEST UPDATE 2024 100% VERIFIED AND GRADED A+ TABLE OF CONTENTS: STUDY UNIT 1 INTRODUCTION TO INSOLVENCY LAW 4 STUDY UNIT 2 – 3 VOLUNTARY SURRENDER 10 STUDY UNIT 4 – 5 COMPULSORY SEQUESTRATION 20 STUDY UNIT 6 THE LEGAL POSITION OF THE INSOLVENT 35 STUDY UNIT 7 VESTING OF THE ASSETS OF THE INSOLVENT 43 STUDY UNIT 8 VESTING OF THE ASSETS OF THE SOLVENT SOUSE 50 STUDY UNIT 9 – 11 UNCOM...

Question 1: (5 marks) Indicate whether the following statements are TRUE (T) or FALSE (F) and provide a reason or explanation for your answer. a. An act of insolvency committed by a spouse married in community of property operates as an act of insolvency by the guilty spouse. b. During the period of insolvency, an insolvent is not allowed to acquire a new estate. c. The insolvent may recover for his own benefit any pension to which he may be entitled as this forms part of property that...