Cap. 6:07
INSOLVENCY
(c)
No. 7/2018
in the case of a voluntary liquidation by resolution in terms of section
9, the gi,·ing of standard notice to creditors to liquidate the debtor by
resolution.
(3) For the purposes of applying sections 24, 26, 27 and 33(4) to a debtor
subject to corporate rescue under Part XXIII, the event which is deemed to correspond
with the presentation of the application for liquidation of a debtor is the date of the
commencement of corporate rescue proceedings.
(4) Any cession or assignment by a debtor which is not a natural person or
partnership of all of its property to trustees for the benefit of all its creditors is void.
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Attachment of property in possession of associate
(I) If a liquidator suspects that a disposition of property by the debtor to an
associate of the debtor may be liable to be set aside, the liquidator may instruct the
sheriff to attach such property.
(2) The sheriff(a)
must take into his or her personal custody all cash, share certificates, bonds,
bills of exchange, promissory notes and other securities and compile a
specified list thereof;
(b)
must without delay deposit in a banking account contemplated in section
94(1 )(a) or (b) all cash taken into his or her custody;
(c)
must as soon as possible leave all other movable property which he or
she has attached, other than animals, in a properly locked storage place or
appoint a suitable person to keep the said property in his or her custody,
in which case he or she shall hand to such person a copy of an inventory
of the property left in his or her custody and he or she shall draw that
person's attention to the offence contemplated in section 149(2)(f) in
respect of the unauthorised disposition of property under attachment;
(d)
is entitled to fees according to Tariff A in the Second Schedule, which
may be amended by the Minister from time to time, by way of notice in
the Ga::.ette.
(3) The sheriff must release the property if instructed to do so by the liquidator.
(4) The liquidator must instruct the sheriff to release property as soon as it is
evident that attachment of the property is not required to safeguard the interests of the
estate in the setting aside of a disposition of property.
(5) An associate may apply to the court for appropriate relief if property of the
associate is attached or held under attachment without reasonable cause.
(6) The costs of attachment of the property shall form part of the costs of
liquidation, unless the court orders otherwise.
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Certain rights not affected by improper disposition
(I) A person who, in return for any disposition which is liable to be set aside
in terms of section 24, 26 or 27 has parted with any property or security which he or
she held or who has lost any right against another person may not. if he or she acted
in good faith, be obliged to restore any propert.Y or other benefit received under such
disposition, unless the liquidator has indemnified him or her for parting \Vith such
property or security or for losing such right.
(2) Sections 24,26 and 27 do not affect the rights of any person who acquired
property in good faith and for value from any person other than a person whose estate
was subsequently liquidated.
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