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A debtor commits an act of insolvency, according to the Act, “if he makes, or offers to make, any arrangement with any of his creditors for releasing him wholly or in part from his debts.” An arrangement or an offer qualifies as an act of insolvency in terms of this subsection only if it is indicative of the debtor's inability to pay his debts.
As required by various legislation, the policy regulated the process for the appointment of insolvency practitioners to act as trustees of insolvent estates in insolvency proceedings under the Insolvency Act, 1936. Insolvency practice was historically dominated by white men, [1] and section 158(2) of the Insolvency Act explicitly licensed the ...
The insolvent bank either borrows from other solvent banks or sells its assets at a lower price than its market value to generate liquid money to pay its depositors on demand. The inability of the solvent banks to lend liquid money to the insolvent bank creates a bank panic among the depositors as more depositors try to take out cash deposits ...
Harksen v Lane NO and Others is an important decision of the Constitutional Court of South Africa, delivered on 7 October 1997.The court dismissed a challenge to the constitutionality of the Insolvency Act, 1936, finding that it was consistent with the right to property and right to equality for the property of a solvent spouse to be attached to the insolvent estate of his or her partner.
On August 1, 2022, Demotech downgraded the FSR for United Property and Casualty Insurance (UPC) from an A to M and subsequently, UPC was declared insolvent on February 6, 2023.
It has been suggested that the speaker or writer should either say technical insolvency or actual insolvency in order to always be clear – where technical insolvency is a synonym for balance sheet insolvency, which means that its liabilities are greater than its assets, and actual insolvency is a synonym for the first definition of insolvency ...
banks; insurance companies; trust and loan companies; telegraph companies [6] and: is either bankrupt or insolvent; has committed an act of bankruptcy under the Bankruptcy and Insolvency Act ("BIA") or is deemed insolvent under the Winding-Up and Restructuring Act ("WRA"), whether or not proceedings have been initiated under either of those Acts
That move paid off when she eventually negotiated a separate settlement for California; in 2012, the banks presented the state $18.4 billion in debt relief and $2 billion in other forms of ...