Insolvent Estates (Liquidations)

This is a very busy and complex division which supervises the administration of thousands of insolvent estates every year. 

Estates are usually administered by professionals, who know the functions and procedures.  Although insolvency procedures are too complex to explain in a page or two, the information below may be of interest to the public.


Insolvency Practitioners Intake April 2017

NOTICE TO INSOLVENCY PRACTITIONERS:

Herewith the results assessment /analysis of the April 2017 intake of Insolvency Practitioners.
51 participants were shortlisted for the assessment process of which 31 candidates passed: 31/51 = 61% Pass Rate. The table below reflects the outcomes of the assessments per assessment centre.

 

Pretoria

Polokwane

Bloem

Durban

Cape Town  

Total

Total Participants

30

3

3

4

11

51

Passed Exam

17

0

2

1

0

20

Failed Exam

7

3

1

1

7

19

Qualified for Oral

6

3

0

2

4

15

Passed Oral

5

3

0

0

3

11

Failed Oral

1

0

0

2

1

4

Total Passed

22

3

2

1

3

31

Total Failed

8

0

1

3

8

20

 

Note:  Unsuccessful candidates who wish to remark or view their scripts,  have until 8th June 2017 to apply to view or have their papers remarked.


When may an insolvent apply for rehabilitation?

For details, please read sections 119 to 129 of the Insolvency Act 24 of 1936 as amended:

At any time

  • If an offer of composition is made and accepted by three quarters of creditors in number and value, and after payment has been made or security given, or;
  • If all creditors' claims and sequestration costs are paid in full

Six months

  • After six months of sequestration if no claims have been proven against the estate, provided the insolvent has not been convicted of certain offences and has not previously been sequestrated; 

Twelve months

  • If the insolvent has not been convicted of certain offences and has not previously been sequestrated, he may apply for rehabilitation after 12 months have elapsed from the date of the Master's confirmation of the first trustee's account in the estate;

Three years

  • If the insolvent has not been convicted of certain offences, but has previously been sequestrated, he may not apply for rehabilitation until three years have elapsed from the date of the Master's confirmation of the first trustee's account in the estate;

Five years

  • If the insolvent has been convicted of certain offences, he may not apply for rehabilitation until five years have elapsed from the date of his conviction; 

Ten years

  • After 10 years have expired an insolvent is deemed to be rehabilitated unless a court orders otherwise upon the application of an interested person. Such an application must be made within the ten year period.