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"Property" in this context is defined to include "movable or immovable property wherever situate in South Africa." [27] It includes a right of action, unless the action is one that the insolvent is permitted to institute. It also includes property that is, or the proceeds of property that are, in the hands of a sheriff under a writ of attachment.
In South Africa, owners of businesses that had at any stage traded insolvently (i.e. that had a balance-sheet insolvency) become personally liable for the business's debts. Trading insolvently is often regarded as normal business practice in South Africa, as long as the business is able to fulfill its debt obligations when they fall due.
South Africa's nine provinces each produce a number of statutes a year, in areas for which they have either concurrent, or exclusive, legislative competence under section 104 of the Constitution of the Republic of South Africa Act, 1996. (See Schedule 4 of the Constitution for a list of the functions areas in respect of which a province may ...
Trustees in bankruptcy, 1041 individuals licensed to administer insolvencies, bankruptcy and proposal estates are governed by the Bankruptcy and Insolvency Act of Canada. Bankruptcy is filed when a person or a company becomes insolvent and cannot pay their debts as they become due and if they have at least $1,000 in debt.
Countries (in pink) which share the mixed South African legal system. South Africa has a 'hybrid' or 'mixed' legal system, [1] formed by the interweaving of a number of distinct legal traditions: a civil law system inherited from the Dutch, a common law system inherited from the British, and a customary law system inherited from indigenous Africans (often termed African Customary Law, of which ...
The act 5 & 6 Vict. c. 122 [4] is sometimes called the Bankruptcy Act 1842 [5] or the Bankruptcy Amendment Act 1842. [6] The Bankrupt Law Consolidation Act 1849 (12 & 13 Vict. c. 106) [7] The act 15 & 16 Vict. c. 77 is sometimes called the Bankruptcy Act 1852 [8] or the Secretary of Bankrupts Office Abolition Act [9] The Bankruptcy Act 1854 (17 ...
Bankruptcy systems predicated on trying to rehabilitate companies (such as Chapter 11 in the United States, or administration orders in the United Kingdom) are fundamentally different in intent and effect to winding-up regimes that seeks to liquidate companies and distribute the proceeds to creditors.
The Constitution is usually cited as "Constitution of the Republic of South Africa, 1996," while the Interim Constitution is cited as "Constitution of the Republic of South Africa Act 200 of 1993." It is now generally agreed that the final Constitution of 1996 ought, in recognition of its supreme status, not to be cited with its statute number ...