Cap. 6:07
INSOLVENCY
No. 7/2018
in pursuance of section 10, or after the notice of the intention to pass a resolution under
section 9.
(9) For the purposes of this section(a)
the following property must be excluded from the insolvent estate of a
debtor who is a natural person(i) the necessary beds, bedding and wearing apparel;
(ii) the necessary furniture (other than beds) and household utensils of
the insolvent in so far as they do not exceed the amount of $200 or
the amount prescribed from time to time so as to reflect subsequent
fluctuation in the value of money;
(iii) stock, tools and agricultural implements of a farmer, in so far as they
do not exceed $200 in value or the amount prescribed from time to
time so as to reflect subsequent fluctuation in the \alue of money;
(iv) the supply of food and drink in the house sufficient for the needs of
the insolvent and his or her family for a period of one month;
(v) tools and implements of trade, in so far as they do not exceed the
amount of $200 or the amount prescribed from time to time so as
to reflect subsequent fluctuation in the value of money;
(vi)
professional books, documents or instruments necessarily used by
the in sol vent in his or her profession, in so far as they do not exceed
the amount of $200 or the amount prescribed from time to time so
as to reflect subsequent 11uctuation in the value of money;
(vii) such arms and ammunition as the insolvent is required by lm\,
regulation or disciplinary order to have in his or her possession as
part of his or her equipment;
(viii) necessary medicine and medical devices;
(b)
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and all other property of the debtor at the date of the issuing of the first
liquidation order, or at the date of the adoption of a liquidation resolution
in pursuance of section 9 or 10, including property or the proceeds thereof
which are in the hands of the sheriff under a writ of attachment or a warrant
of execution, or in the hands of a creditor under the enforcement of a
security interest under the provisions of the Movable Property Securit)
Interests Act [Chapter 14:351, and, subject to section 21, all property
acquired by or which accrued to the debtor during his or her insolvency,
forms part of the debtor's insolvent estate.
The effect of liquidation on civil proceedings by or against the debtor
(I) The issuing of a liquidation order in respect of a debtor, or the giving of
notice for the passing of a resolution under section 9, or the adoption and subsequent
registration of a liquidation resolution as provided for in section I 0, has the effect that
all civil proceedings instituted in a Court by or against the debtor are stayed, subject
to section 21 (8).
(2) Proceedings that hm·e been stayed in terms of subsection ( 1) may, with the
consent of the Court or liquidator appointed in terms of section 76 or with three weeks'
standard notice to the liquidator, be continued against the insolvent estate:
Provided that the opposite party may apply to the registrar to substitute the
liquidator for the debtor in the proceedings.
(3) The liquidator may, by giving liquidator's notice to all parties and to the
registrar, substitute himself or herself as party for the debtor in proceedings by or against
the debtor, other than proceedings contemplated in section 21 (8).
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