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Table of Contents
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
12A. Liquidation of designated institutions
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 vexatious
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 [Repealed]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 market infrastructure
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 agreement
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 insufficient
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 Master
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 over his estate
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 property
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 business or residence
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 furnish certain information
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
First Schedule : Forms
Form A : Notice of Surrender of a Debtor's Estate (Section 4(1))
Form B : Statement of Debtor's Affairs (Sections 4(3) and 16
Annexures
Annexure I : Immovable property
Annexure II : Any Movable Property whatsoever which is not included in Annexure III or Annexure V
Annexure III : Outstanding Claims, Bills, Bonds and other Securities
Annexure IV : List of Creditors
Annexure V : Movable assets pledged, Hypothecated, subject to a right of Retention or under attachment in Execution of a Judgment
Annexure VI : Enumeration And Description of every book in use by the debtor at time of Notice of Surrender or Sequestration, or at the time when he ceased carrying on business
Annexure VII : Detailed statement of causes of debtor's insolvency
Annexure VIII : Personal Information
Form C : Affidavit for proof of any claim
Form D : Affidavit for the proof of a claim based on a Promissory Note or other Bill of Exchange (Section 44(4))
Second Schedule
Tariff A
Tariff B
Third Schedule
Master's Fees of Office
Notices
Payment of Fees under Section 153(1)bis of The Insolvency Act, 1936
Notice No. 1478 of 2009
Annexures "A", "B" and "C"
insolvent estate
means an estate under sequestration;
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