Insolvency Act.pdf - Intax Info

same conditions and with the same rights, remedies and obligations in and on the part of the
assignee, the spouse whose estate has not been assigned and the creditors of both spouses as
is by this Act in the trustee of the estate of an insolvent spouse.
(5) The provisions of section 78(16) and (17) shall also apply mutatis mutandis in
respect of property of a spouse whose estate had not been assigned but which under this
section is vested in the assignee.
(6) For the purposes of this section the estate shall consist of all the property of the
debtor at the date of the registration of the assignment, including property or the proceeds
thereof which is in the hands of the sheriff or a bailiff under a writ of attachment, except such
property as would be reserved to the debtor, if he were insolvent, and such further property as
might by the deed be reserved to him.
(7) Nothing contained in this section shall be construed as affecting the capacity of the
debtor to acquire property, or to bind himself by contract, after the assignment, or to sue on any
debt the cause of which arose after the assignment; and nothing contained in this section shall
be construed as affecting any claim against the debtor which accrued after the assignment.
128. Supervision of assigned estate by Master
(1) From and after the date of the assignment, the estate of the debtor shall be
administered and distributed under the supervision of the Master, and all proceedings in relation
thereto shall as far as possible be had and taken in the like manner as if the debtor were an
insolvent and the date of the assignment were the date of the sequestration.
(2) The assignee shall have, as against the debtor and as against third persons, the
same powers, rights and remedies with regard to the acts of the debtor and with regard to the
collection and recovery of the estate of the debtor as may be exercised by the trustee of an
insolvent estate with regard to the acts of the insolvent and with regard to the collection and
recovery of the estate of the insolvent.
(3) The assignee shall have, as between the creditors and himself, in addition to any
powers expressly granted to him under the deed, the same powers, rights and remedies and
shall be subject to the same duties in regard to the administration and distribution of the estate
and all proceedings in connection therewith as the trustee of an insolvent estate has and is
subject to in regard to the administration and distribution of an insolvent estate.
(4) Every question of preference or priority and all matters whatsoever arising out of the
assignment shall be determined according to the law and practice for the time being relating to
insolvency as far as they may be applicable.
(5) Except as to property acquired by the debtor after the date of the assignment, the
court shall have power to make all such orders as it would have power to make if the debtor
were an insolvent and his estate had been under sequestration from the date of the assignment.
(6) The Master, if it appears to him to be desirable, may appoint a person not disqualified
from being elected a trustee of an insolvent estate to be co-assignee with the assignee or
assignees designated in the deed of assignment.
(7) When a person referred to in subsection (6) is so appointed, all the provisions of this
Act, conferring any powers or rights or imposing any duties on an assignee, shall apply to such
co-assignee.
(8) In the event of a difference arising between the co-assignee so appointed by the
Master and the assignee or assignees so designated as to the administration of the estate or
the carrying out of the deed of assignment, the Master may, if the difference is referred to him,
determine the matter.
(9) The Master may similarly determine any difference between any assignees.
129. Costs of assignment
(1) The costs of the assignment shall be taxed by the Master according to Tariff C set
out in the Second Schedule, and upon the registration of the deed shall be paid in preference in
like manner as if they were taxed costs of sequestration.
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