• 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 [Repealed]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"