INLA 6211 - Ice Task 1

10 Questions | By Crobertson | Last updated: Mar 19, 2022 | Total Attempts: 72

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1.

Application for voluntary surrender - on which of the following parties is the applicant debtor not required to serve a copy of the notice ?
- A.
  
  Each creditor
- B.
  
  The Master
- C.
  
  SARS
- D.
  
  Trade union and employees
2.

Choose the incorrect statement. An application for compulsory sequestration will be granted if the court is satisfied that :
- A.
  
  It will be to the advantage of creditors
- B.
  
  There is reason to believe that it will be to the advantage of creditors
- C.
  
  A creditor has a liquidated claim of at least R100
- D.
  
  The debtor has committed an act of insolvency
3.

Which one of the following is incorrect : The insolvent estate remains vested in the trustee until
- A.
  
  The sequestration order has been discharged by the court
- B.
  
  The creditors accepted an offer of composition made by the insolvent
- C.
  
  All the debts have been paid in full
- D.
  
  A rehabilitation order has been granted
4.

The insolvent's right to earn and recover income relates only to lawful income. If the insolvent obtains income from an unlawful sources, it is not excluded from his insolvent estate and he cannot keep any of it for himself.
- A.
  
  True
- B.
  
  False
5.

Choose the correct option : A trustee must vacate his office if :
- A.
  
  He is mentally incapable of performing his duties as trustee satisfactorily
- B.
  
  He is physically incapable of performing his duties as trustee satisfactorily
- C.
  
  The majority of creditors have requested in writing that he be removed
- D.
  
  He is convicted of theft, fraud, forgery, uttering a forged document, or perjury
6.

Which of one the following types of dispositions is not voidable in terms of the Insolvency Act ?
- A.
  
  Disposition made in collusion with another person
- B.
  
  Disposition made in fraudem creditorum
- C.
  
  Disposition made not for value
- D.
  
  Disposition made with the intention to prefer one creditor over another
7.

A claim for funeral expenses is classified as a secured claim.
- A.
  
  True
- B.
  
  False
8.

Choose the incorrect option. Rehabilitation may be sought in the following circumstances :
- A.
  
  Full payment of all proved claims
- B.
  
  No claims proved after 6 months
- C.
  
  Composition of not less than 60 cents in the rand
- D.
  
  12 months have elapsed from the confirmation by the Master of the first account in the estate
9.

As a general rule, sequestration suspends or puts an end to the contract.
- A.
  
  True
- B.
  
  False

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