Insolvency Amendment Act 101 of 1983

The Insolvency Amendment Act 101 of 1983 intends:

• to amend the Insolvency Act, 1936, so as
  • to further regulate the power of the Master of the Supreme Court concerned to order the sale, in terms of a writ of execution or other process, of certain goods of an estate in respect of which a notice of surrender has been published;
  • to further regulate the calculation or a debt which became due in consequence of the publication of a notice of intended alienation of a business;
  • to increase the amount of money payable by any creditor of an insolvent estate registering his name and address with the trustee concerned;
  • to delete an unnecessary provision in section 44 of the said Act;
  • to further regulate the calculation of an amount payable in respect of a debt of an insolvent estate which was incurred before the sequestration thereof and which became due after the confirmation of the distribution account concerned;
  • to further regulate the right of a creditor to vote at any meeting of creditors;
  • to make other provision for a trustee to be absent from the Republic; to regulate more dearly the duty of a trustee to open a banking account in the name of an estate, and to better regulate the power of a trustee to transfer any such account or to invest moneys in any such account;
  • to further regulate the power of a trustee to accept any part of a debt to an insolvent estate in discharge of the whole debt or grant any debtor an extension of time for payment without the authorization of the creditors of the estate concerned;
  • to extend the provision providing for the sale, before the second meeting of creditors, of certain goods in an insolvent estate;
  • to replace certain obsolete expressions in section 84 of the said Act;
  • to increase the amounts which may be applied for certain purposes from the free residue of an insolvent estate;
  • to make better provision for the extension of the period for submission of a liquidation account or a plan of distribution or of contribution;
  • to increase the security to be furnished by an insolvent applying for rehabilitation;
  • to further regulate the presumption by virtue of which it may be presumed that an insolvent has, for the purposes of section 134 of the·said Act, not kept a proper record of his transactions in connection with his business, and to delete an obsolete expression in that section;
  • to increase the amounts of fines for contraventions of the said Act; and
  • to repeal the power of the Minister of Justice to cause certain persons to be removed from the Republic; and 
• to provide for matters connected therewith.

Commencement

• 26 August 1983, all Sections, except Section 24
• 1 October 1984, Section 24 (Gazette 9413 of 7 September 1984)