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Questions and Answers
Which act is regarded as the principle source of South African insolvency law?
Which act is regarded as the principle source of South African insolvency law?
- The Insolvency Act of 1936 (correct)
- The Magistrates’ Courts Act of 1944
- The National Credit Act of 2005
- The Companies Act of 1973
In South African insolvency law, what is the ultimate debt relief for over-indebted consumer debtors?
In South African insolvency law, what is the ultimate debt relief for over-indebted consumer debtors?
- Informal arrangements for debt relief
- Administration at a magistrate’s court
- Sequestration followed by rehabilitation (correct)
- Debt review conducted by a debt counsellor
What system of debt review was introduced by the National Credit Act of 2005?
What system of debt review was introduced by the National Credit Act of 2005?
- Administration at a magistrate’s court
- Debt review conducted by a debt counsellor (correct)
- Informal negotiations with creditors
- Debt counselling by a lawyer
What regulates the situation where a debtor cannot pay his debts or where his total liabilities exceed all his assets?
What regulates the situation where a debtor cannot pay his debts or where his total liabilities exceed all his assets?
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Apart from sequestration, what alternative debt relief measures are available outside sequestration in South Africa?
Apart from sequestration, what alternative debt relief measures are available outside sequestration in South Africa?
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