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MRL3701 Revision PACK Questions. AnswersEXAM PACK MRL3701 Revision PACK Questions. AnswersNOTES Insolvency Law MRL301-M 1. INTRODUCTION TO INSOLVENCY LAW 1.1. Meaning of “insolvency” Section 2 of the Insolvency Act, 24 of 1936 (“Act”) – Definitions 'insolvent' when used as a noun, means a debtor whose estate is under sequestration and includes such a debtor before the sequestration of his estate, according to the context. 'insolvent estate' means an estate under seques...

INSOLVENCY LAW_ MRL3701 SUMMARY NOTES WITH QUESTIONS. Study unit 1: Introduction to Insolvency Law Case Law: NB: Magnum Financial Holdings (Pty) Ltd (in Liquidation) v Summerly and another NNO 1984 (1) SA 160 (W) Meaning of “insolvency” Common meaning – a person is insolvent when he is unable to pay his debts, however, The legal test for insolvency is whether the debtor's liabilities, fairly estimated, exceed his assets, fairly valued. The inability to pay debts Is merely eviden...

MRL3701 EXAM PACK ANSWERS AND 2021 BRIEF NOTESSection 2 of Act – Definitions 'debtor', in connection with the sequestration of the debtor's estate, means a person or a partnership or the estate of a person or partnership which is a debtor in the usual sense of the word, except a body corporate or a company or other association of persons which may be placed in liquidation under the law relating to Companies. A body corporate established in terms of the Sectional Titles Act, 95 of 2986,...

Study unit 1: Introduction to Insolvency Law Case Law: NB: Magnum Financial Holdings (Pty) Ltd (in Liquidation) v Summerly and another NNO 1984 (1) SA 160 (W) Meaning of “insolvency” Common meaning – a person is insolvent when he is unable to pay his debts, however, The legal test for insolvency is whether the debtor's liabilities, fairly estimated, exceed his assets, fairly valued. The inability to pay debts Is merely evidence of insolvency. A person who has insufficient ...

MRL3701 EXAM PACK 2022. MRL3701 - Insolvency Law INTRODUCTION TO INSOLVENCY LAW 1.1. Meaning of “insolvency” Section 2 of the Insolvency Act, 24 of 1936 (“Act”) – Definitions 'insolvent' when used as a noun, means a debtor whose estate is under sequestration and includes such a debtor before the sequestration of his estate, according to the context. 'insolvent estate' means an estate under sequestration. Everyday language A person is unable to pay his debts = merely evidence...

MRL3701 EXAM PACK 2022. Meaning of “insolvency” Section 2 of the Insolvency Act, 24 of 1936 (“Act”) – Definitions 'insolvent' when used as a noun, means a debtor whose estate is under sequestration and includes such a debtor before the sequestration of his estate, according to the context. 'insolvent estate' means an estate under sequestration. Everyday language A person is unable to pay his debts = merely evidence of insolvency Legal test of insolvency A debtor’s liabiliti...

MRL3701 EXAM PACK 2022. Insolvency Law. Section 2 of the Insolvency Act, 24 of 1936 (“Act”) – Definitions 'insolvent' when used as a noun, means a debtor whose estate is under sequestration and includes such a debtor before the sequestration of his estate, according to the context. 'insolvent estate' means an estate under sequestration. Everyday language A person is unable to pay his debts = merely evidence of insolvency Legal test of insolvency A debtor’s liabilities, fairly e...

Study unit 1: Introduction to Insolvency Law Case Law: NB: Magnum Financial Holdings (Pty) Ltd (in Liquidation) v Summerly and another NNO 1984 (1) SA 160 (W) Meaning of “insolvency” Common meaning – a person is insolvent when he is unable to pay his debts, however, The legal test for insolvency is whether the debtor's liabilities, fairly estimated, exceed his assets, fairly valued. The inability to pay debts Is merely evidence of insolvency. A person who has insufficient ...

MRL3701 SUMMARY STUDY NOTES WITH QUESTIONS. This is a complete and an all-inclusive guide to MRL3701 - Insolvency Law Meaning of “insolvency” Common meaning – a person is insolvent when he is unable to pay his debts, however, The legal test for insolvency is whether the debtor's liabilities, fairly estimated, exceed his assets, fairly valued. The inability to pay debts Is merely evidence of insolvency. A person who has insufficient assets to discharge his liabilities (although he sat...