Advantage for creditors in South African insolvency law - a comparative investigation

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dc.contributor.advisor Roestoff, Melanie
dc.contributor.postgraduate Pepler, J.J. (Jaco Johann)
dc.date.accessioned 2014-08-13T12:55:24Z
dc.date.available 2014-08-13T12:55:24Z
dc.date.created 2014-04-09
dc.date.issued 2014 en_US
dc.description Dissertation (LLM)--University of Pretoria, 2014. en_US
dc.description.abstract The main aim of the sequestration process, in terms of the Insolvency Act, is to provide for a collective debt collecting process that will ensure an orderly and fair distribution of the debtor’s assets in circumstances where these assets are insufficient to satisfy all the creditor’s claims. This is to make sure that the interests of the group of creditors are protected and that one creditor is not favoured before another. The insolvent estate of a debtor may be sequestrated by himself voluntarily or one or more of his creditors may apply for the compulsory sequestration of his estate Under present South African law, the only way in which an insolvent debtor can obtain a discharge of his debts and make a fresh start is by the sequestration of his estate. Providing the debtor with debt relief is not the main aim of the Insolvency Act, but debt relief is an indirect consequence as the debtor receives a discharge of all pre-sequestration debt after rehabilitation. However, in order to obtain this discharge the sequestration of the insolvent debtor’s estate must be to the advantage of his or her creditors. In establishing this advantage for creditors in order to sequestrate one’s estate, the question is whether the balance between all the parties involved is achieved as more and more weight is being placed on this requirement. This benefit for creditors requirement has also led to abuse of the insolvency law through the development of the so called “friendly” sequestration process where the sequestrating creditor and the debtor collude together in order to bypass the stringent requirements of a voluntary surrender application. Many other jurisdictions have witnessed large scale reform of their insolvency law systems in order to address the problem of insolvencies. Notwithstanding the worldwide trend to accommodate overburdened debtors seeking debt relief, the South African insolvency system has remained largely creditor orientated. The research will discuss the current state of affairs with regard to the advantage for creditors requirement in South Africa and its impact on insolvency law. en_US
dc.description.availability unrestricted en_US
dc.description.department Mercantile Law en_US
dc.identifier.citation Pepler, M 2014, Advantage for creditors in South African insolvency law - a comparative investigation, dissertation, University of Pretoria, Pretoria, viewed yymmdd <http://hdl.handle.net/2263/41241> en_US
dc.identifier.other F14/4/431/lm en_US
dc.identifier.uri http://hdl.handle.net/2263/41241
dc.language.iso en en_US
dc.publisher University of Pretoria en_ZA
dc.rights © 2014 University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. en_US
dc.subject insolvency law en_US
dc.subject UCTD en_US
dc.title Advantage for creditors in South African insolvency law - a comparative investigation en_US
dc.type Mini Dissertation en_US


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