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.


NOTICE TO STAKEHOLDERS: INSOLVENCIES AND LIQUIDATIONS – MASTER POLOKWANE

Kindly take note that as from 1 January 2018, all Insolvency and Liquidation matters where Court orders are issued in the Limpopo High Court or voluntary liquidations where the registered address falls within the jurisdiction of the Limpopo Province, will be dealt with in the Master of the High Court, Polokwane.

Please ensure that all documentation, including notices of motion, Court orders and requisitions for these matters are submitted in the at the Master’s Office. Polokwane.

Your cooperation in this regard is much appreciated.

By: Office of the Chief Master
06 Decembver 2017


Insolvency Practitioners Intake October 2017

NOTICE TO INSOLVENCY PRACTITIONERS:
Herewith the results assessment /analysis of the October 2017 intake of Insolvency Practitioners.
19 participants were shortlisted for the assessment process of which 06 candidates passed: 6/19= 32% Pass Rate. 
The table below reflects the outcomes of the assessments per assessment centre.

 

Pretoria1

Pretoria 2

Cape Town  

Total

Total Participants

07

07

05

19

Total Passed

03

01

02

06

Total Failed

04

06

03

13


Note
:  Unsuccessful candidates who wish to view their scripts, can do so on the 11th and 12th of December 2017 at the respective centres where your assessment took place.


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.