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.
Notice to all Insolvency Practitioners:
Kindly note that all Insolvency Practitioners on the National list of Liquidators [approved practitioners] are required to provide updated information to the Office of the Chief Master as per Renewal affidavit that appears on the Master’s website.
The period for submission of your updated information is 20th March 2017 to 30th April 2017. Any practitioner who fails to submit this information by close of business on 30th April 2017, will automatically be suspended from the National list of liquidators.
Kindly submit your renewal affidavit electronically to the following e-mail address:
Insolvency Files opened as from 01 Nov 2016- files unavailable at the moment
Insolvency Files opened Apr 2015 - Oct 2016 - files unavailable at the moment
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
- 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;
- 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;
- 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;
- 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;
- 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.