VOLUNTARY SURRENDER

Mrs Taylor is under severe financial strain. She is receiving tremendous pressure
from her creditors. She is in the process of applying for voluntary surrender. She has
been informed that she is required to comply with a number of requirements to
ensure that her application for voluntary surrender is accepted by the court. She is
aware of the fact that one of the requirements which she is required to meet, is to
comply with section 4 of the Insolvency Act 24 of 1936, which requires the
publication of a notice of intention to surrender and the lodgement of a statement of
affairs. She is unaware of the remaining aspects involved in bringing an application
for voluntary surrender. Assist Mrs Taylor by answering the questions hereunder:

1. List the requirements for voluntary surrender which Mrs Taylor is unaware of.
(3)

2. List the manner and period within which the notice of intention to surrender
should be published. (3)

3. List the pieces of information to be included in Mrs Taylor's notice of intention

to surrender. (3)

4. List any six (6) pieces of information which should be included in Mrs Taylor's
statement of affairs. (6)

5. What constitutes advantage to creditors? (3)

6. Discuss the effect of the publication of the notice of intention to surrender

known as 'the appointment of a curator bonis'. (3)
7. Under which circumstances does a notice of intention to surrender lapse? (3)

8. Discuss the three affidavits which are delivered by the relevant parties and the
party who delivers each affidavit. (6)

9. List any seven (7) pieces of information which must be before the court on the
day the application for voluntary surrender is heard. (7)

10. Mrs Taylor has been informed that even if all the requirements for voluntary
surrender are met, her application may still be refused. Explain why this is the
case. (4)

11. Is the onus more strenuous in the case of an application for voluntary
surrender or in the case of an application for compulsory sequestration?
Provide reasons for your answer. (3)

12. Explain what Mrs Taylor's rights of appeal are. (6)