Sources of South African Insolvency Law
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Questions and Answers

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?

  • 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?

  • 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?

    <p>The Insolvency Act of 1936</p> Signup and view all the answers

    Apart from sequestration, what alternative debt relief measures are available outside sequestration in South Africa?

    <p>Administration at a magistrate’s court</p> Signup and view all the answers

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