Definitions and the Applications

Section 3

Petition for acceptance of surrender of estate

(1) An insolvent debtor or his agent or a person entrusted with the administration of the estate of a deceased insolvent debtor or of an insolvent debtor who is incapable of managing his own affairs, may petition the court for the acceptance of the surrender of the debtor’s estate for the benefit of his creditors.


(2) All the members of a partnership (other than partners en commandite or special partners as defined in the Special Partnerships Limited Liability Act, 1861 (Act No. 24 of 1861) of the Cape of Good Hope or in Law No. 1 of 1865 of Natal) who reside in the Republic, or their agent, may petition the court for the acceptance of the surrender of the estate of the partnership and of the estate of each such member.


(3) Before accepting or declining the surrender, the court may direct the petitioner or any other person to appear and be examined before the court.