A solvent person is defined in Section 95A of the Corporations Act and Section 5(2) of the Bankruptcy Act as being one that is able to pay all the person’s debts as and when they become due and payable. Any follow-up should only be via email (LiqRenewal@justice.gov.za) because no telephone or fax communication will be accepted. Solvency Checklist. Checklist Response 1 Is the Deputy Commissioner of Taxation (DCT) a creditor? Commencement. If … These definitions support the proposition that … There are many tools to use in successful business management, and insolvency is merely one of them when the time is right. Very short time periods are set out in the new Companies Act, No. Insolvency, Business Rescue, & Restructuring. Article 20 of the Model Law, as reflected in the 2006 Regulations, provides for a stay of arbitration where foreign insolvency proceedings have been recognised. insolvency check list. If he or she leaves South Africa, or is out of South Africa and remains absent from it with the intent by doing so to evade or delay payment of the debts. 1.2 Statistics South Africa reported very recently that retail sales fell By Eric Levenstein, Director, Werksmans Attorneys Werksmans Legal Brief February 2009 1 Introduction 1.1 Recent reports indicate that the South African economy is going to be placed under considerable pressure in the months ahead. The Model Law on Insolvency was implemented in the UK pursuant to the English Cross-Border Insolvency Regulations 2006. 1 July 1936 This is a list of the standard documents, drafting notes and checklists available on Practical Law Restructuring and Insolvency, organised by subject-matter. 2 Have prior indemnities been approved? Speed is of the essence in the business rescue process. Indemnity checklist for insolvency practitioners JS 16647-06.2010 Part 1 Ensure all written requests cover the below information where appropriate Item No. The Chief Master hereby thank all Insolvency Practitioners and aspirant Insolvency Practitioners who submitted their completed information forms. Practical Guidance Insolvency Law provides detailed, step-by-step guidance on the application processes, requirements and procedures as set out in the Insolvency Act 24 of 1936. The textbook definition of insolvency is when you are unable to pay your liabilities - in other words, when the fair value of your assets does not exceed your liabilities. Insolvency is an excellent mechanism to use to achieve stability and one does this by using one’s assets to get rid of creditors (sequestration) or to liquidate a company. Active Insolvency Practitioners in South Africa. 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