STUDY UNIT 9

Question 1

Creditors in this context

Answer 1

creditors in this context means creditors in regards of debts incurred before sequestration

Question 2

THE FIRST MEETING:

Answer 2

-is held immediately on receipt of the final sequestration order
-convened by the Master
-notice is made to the Gazette not less than 10 days prior to the meeting
PURPOSE: to enable creditors to prove claims and elect a trustee.

Question 3

THE SECOND MEETING:

Answer 3

-is held after the first meeting and appointment of the trustee on a fixed date by the Master
-convened by the Trustee
-notice is made to the Gazette and one or more newspapers circulating in the district in which the insolvent resides or has a principal place of business
PURPOSE: is to enable creditors to prove claims, receive the trustee’s report on affairs and the condition of the estate and to give directions to the trustee on the administration of the estate.

Question 4

SPECIAL MEETING MAY BE CALLED FOR THE PURPOSE OF:

Answer 4

1. Proof of claims
2. Interrogation of the insolvent

Question 5

PROOF OF CLAIMS MEETING:

Answer 5

is held after the second meeting when the trustee is called upon by any interested party tendering the payment of expenses to be incurred in connection with the meeting.

Question 6

INTERROGATION OF THE INSOLVENT MEETING:

Answer 6

-this meeting is held at any time, provided the Master gives consent.
The trustee must call this meeting and must do so if required by a creditor who has a proved claim against the estate.

Question 7

THE GENERAL MEETING:

Answer 7

-is held any time, or when required to do so by the Master or creditors representing 1/4 of the value of all the claims proved.
-notice is made to the Gazette and one or more newspapers circulating in the district in which the insolvent resides or has a principal place of business and must state the matters to be dealt with.

Question 8

SECTION 39(5)

Answer 8

S 39(5) provides that the presiding officer has the power to adjourn the meeting from time to time.

Question 9

RECORD OF THE MEETING (MINUTES):

Answer 9

the minutes constitute prima facie proof.

Question 10

WHO CAN INTERROGATE AND WHO MAY BE INTERROGATED?

Answer 10

-Trustee
-Any creditor who has a proved claim
-Presiding officer

-any person who has or had possession of the belongings of the insolvent
-any person indebted against the estate
-any person in the opinion of the Master who has info regarding the insolvent