Insolvency act

Question 1

adjudication definition and requirement

Answer 1

s 10

Question 2

part 3

Answer 2

b/r property transferred to the OA

provisions for fraudulent conveyance and unsecured creditors to prove their debt and payout “pair passu”

Question 3

part 4

Answer 3

end of bankruptcy (discharge) - (3 years, can be reduced or extended under this part)

Question 4

what section under the act appoints an official assignee?

Answer 4

s 399

Question 5

part 7

Answer 5

creation of OA and b/r offences

Question 6

debtors application for adjudication?

Answer 6

s 12

Question 7

creditors application for adjudication

Answer 7

s 13

Question 8

adjudication sections

Answer 8

s 10- s 15

Question 9

which section gives the court the authority to refuse or grant adjudication?

Answer 9

s 37 & 38

Question 10

the court may halt (suspend) application if it thinks appropriate?

Answer 10

s38- 44

Question 11

after adjudication can a court annul adjudication?

Answer 11

a court may do that following ss 309 -311

Question 12

court may discharge b/r early or later

Answer 12

s 298

Question 13

the time range for a creditor to prove an act of B/r and the sections

Answer 13

s 13(b) and s 16 - 3 months

Question 14

following s 16(2), which sections for bankruptcy acts are set out in which section?

Answer 14

s 17-28

Question 15

s 17

Answer 15

where a b/r notice has been served by the courts from the creditor to the debtor and the debtor doesn’t comply with the notice allowing the debtor 10 days to pay the judgement debt. Failure to pay in the prescribed time is an act of B/r.

Question 16

requirements or a b/r notice?

Answer 16

s 29-30

Question 17

s 18

Answer 17

disposition of assets to third party (trustee) to realise assets and pay al or other creditors. Creditor who didn’t agree to this can treat this as an act of B/r

Question 18

s 19

Answer 18

fraudulent or preferential disposition of debtors property to a creditor INTENDING to give any creditor preference over other creditors.

Question 19

ss 20, 21

Answer 19

avoiding creditors ie leaving the country.

Question 20

s 22

Answer 20

notice by the debtor to their creditors that they have or are about to suspend the payment of their debts- must be about all debts not specific.

Question 21

s 23

Answer 21

creditor meeting can take place to ask for more time for payment.

Question 22

s 27

Answer 22

hiding or removing property as a way of prejudicing creditors or prefer a creditor

Question 23

s 28

Answer 23

non payment of trust money