LAWS107 Chapter 8: week 8

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22 Jan 2019
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The debtor becomes a bankrupt and continues as such until he/she is discharged or the sequestration order is annulled: s 43(2) The bankrupt"s property vests in the oicial trustee in bankruptcy or, if a registered trustee has consented to act as trustee of the bankrupt"s estate, it vests in the registered trustee. After-acquired property of the bankrupt vests, as soon as it is acquired by or devolves on the bankrupt, in the official trustee or the registered trustee: s 58(1) Insurance ltd: secured creditors may still realise or otherwise deal with their security: s 58(5) Proceedings after a sequestration order: statement of affairs, meetings of creditors, discovery of the bankrupt"s property and examination. A debtor who has become a bankrupt may make a proposal to creditors for: a composition in satisfaction of her or his debts; or a scheme of arrangement: pt iv, div 6, ss 73-76.

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