Insolvency Act.pdf - Intax Info

trustee, and the court is satisfied in either case that the solvent spouse is willing and able to
make arrangements whereby the interest therein of the sequestrated estate will be safeguarded
without such a vesting, the court, either when making the sequestration order or at some later
date, but subject to the immediate completion of such arrangement as aforesaid, may exclude
that property or any part thereof from the operation of the order, for such period as it thinks fit.
(14) During that period the solvent spouse shall lay before the trustee the evidence
available in support of his claim to such property and within that period the trustee shall notify
the solvent spouse in writing whether or not he will release such property in accordance with
subsection (4).
(15) If the property has not been so released, then upon the expiry of the said period that
property shall vest in the Master or in the trustee, but subject to the provisions of this section.
(16) If application is made to the court for the sequestration of the estate of the solvent
spouse on the ground of an act of insolvency committed by that spouse since the vesting of his
property in the Master or the trustee of the insolvent estate, and the court is satisfied that the act
of insolvency alleged in that application was due to such vesting, then if it appears-
(a) that an application is being or, if necessary, will be made under subsection (7) for the
(b)
release of any property of the solvent spouse; or
that any property of the solvent spouse has been released since the making of the
sequestration order, and that the solvent spouse is now in a position to discharge his
liabilities,
the court may postpone the hearing of the said application or may make such interim order
thereon as to it may seem just.
(17) If the trustee has in accordance with the preceding provisions of this section
released any property alleged to belong to the solvent spouse, he shall not be debarred thereby
from proving that it belongs to the insolvent estate and from recovering accordingly.
21. Payment of debts after sequestration
Every payment or other satisfaction in whole or in part of any debt or claim which was
due or the case of which arose before the sequestration shall, if made to the insolvent after such
sequestration, be void, unless the debtor proves that the same was made in good faith and
without knowledge of the sequestration.
22. Powers, duties and privileges of the insolvent during sequestration
(1) Except as is provided in this section the insolvent shall not be able during the
sequestration to enter into any contract without the consent in writing of his trustee.
(2) The insolvent shall be entitled for the support of himself and those dependent upon
him to follow any profession or occupation or to enter into any service, but he shall not, during
the sequestration of his estate, be entitled, without the consent in writing of the trustee, either to
carry on, or to be employed or engaged in any capacity in, the business of a trader:
Provided that-
(i)
(ii)
any of the creditors or the insolvent may, if the trustee gives or refuses such consent,
appeal to the Master, whose decision shall be final; and
the insolvent shall keep a detailed record of all assets received by him from whatever
source and of all disbursements made by him in the course of his profession,
occupation or employment and, if required thereto by the trustee, shall transmit to the
trustee in the first week of every month a statement verified by affidavit of all such
assets and of all disbursements whatsoever made by him. The trustee may inspect any
such record at all reasonable times and may demand the production of reasonable
vouchers in support of any item in such accounts of the expenditure of the insolvent for
the support of himself and those dependent upon him. Such moneys received or to be
received by the insolvent in the course of his profession, occupation or other
employment as in the opinion of the Master are not or will not be necessary for the
support of the insolvent and those dependent upon him shall vest in and be paid by the
Copyright Government of Botswana