Insolvency Act.pdf - Intax Info

(iv) any trustee who fails to satisfy the Master that he ought to receive an extension of time
may apply by motion to the court, after notice to the Master and that other person, for
an order granting to that trustee an extension of time within which to lodge his account.
96. Costs where Master has refused to grant trustee extension of time
Upon an application by the Master under section 95 the court, although it may be of
opinion that the reasons laid before the Master by the trustee were such as would have justified
the Master in granting an extension of time to lodge an account, shall order the trustee to pay
the costs of the Master, if before making his application, the Master allowed the trustee
sufficient time for applying to the court for an extension of the period for lodging his account.
Confirmation of Account: Dividends and Contributions (ss 97-104)
97. Inspection of account: places for and period of
(1) Every trustee's account shall lie open at the office of the Master, and where the
insolvent resided or carried on his business at the time of sequestration in any district other than
the South East District a duplicate thereof shall lie open at the office of a magistrate in that
district, for inspection by creditors for such reasonable time, not being less than 14 days, as the
Master may determine.
(2) The trustee shall give due notice thereof by advertisement in the Gazette and shall
state in that notice the period during which and the place or places at which the account will lie
open for inspection as aforesaid.
(3) The magistrate shall cause to be affixed in some public place in or about his office a
list of such accounts as have been lodged in his office and the respective dates on which they
will be transmitted to the Master; and upon the expiry of the period so advertised he shall
endorse on each account his certificate that the account has been open in his office for
inspection in terms of this section and shall transmit the account to the Master.
(4) No stamp duty shall be payable in respect of such certificate.
98. Objections by insolvent or other interested parties to account
(1) The insolvent or any person interested in the estate may, at any time before the
confirmation of an account, lay before the Master in writing any objection, with the reasons
therefor, to that account.
(2) If the Master is of opinion that any such objection ought to be sustained, he shall
direct the trustee to amend that account or shall give such other directions as he may think fit.
(3) Notwithstanding that an objection has not been lodged and notwithstanding anything
contained in section 99, if the Master is of opinion that any improper charge has been made
against the assets or that the account is in any respect incorrect and should be amended, he
may direct the trustee to amend the account or may give such other directions as he may think
fit:
Provided that-
(i) any person aggrieved by any such direction of the Master or by the refusal of the
Master to sustain an objection so lodged may apply by motion to the court within 14
days after the date of the Master's direction, after notice to the trustee, for an order to
set aside the Master's decision, and the court may confirm the account or make such
order as it thinks fit; and
(ii)
when any such direction affects the interests of a person who has not lodged an
objection with the Master, the account so amended shall again lie open for inspection
by creditors in the manner and with the notice hereinbefore prescribed, unless the
person affected as aforesaid consents in writing to the immediate confirmation of the
account.
99. Confirmation of account
(1) When an account has been open to inspection by creditors as hereinbefore
prescribed and-
(a) no objection has been lodged;
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