Insolvency Act, 1936 (Act 24 of 1936)

5 Jun

Section 29 (1)

Every disposition of his property made by a debtor not more than six months before the sequestration of his estate or, if he is deceased and his estate is insolvent, before his death, which has had the effect of preferring one of his creditors above another, may be set aside by the Court if immediately after the making of such disposition the liabilities of the debtor exceeded the value of his assets, unless the person in whose favour the disposition was made proves that the disposition was made in the ordinary course of business and that it was not intended thereby to prefer one creditor above another.

Section 29 (1)

If a debtor made a disposition of his property at a time when his liabilities exceeded his assets, with the intention of preferring one of his creditors above another, and his estate is thereafter sequestrated, the court may set aside the disposition.

One Response to “Insolvency Act, 1936 (Act 24 of 1936)”

  1. xkuvnympsbt@gmail.com 15 July , 2015 at 02:34 #

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