Common use of INSOLVENCY ACT Clause in Contracts

INSOLVENCY ACT. 31.1 If this sale is before the second meeting of creditors then the Trustee in the insolvent estate warrants that he shall recommend the sale to the Master of the High Court in order for the Conveyancers to obtain the necessary consent by the Master in terms of section 80 bis of the Insolvency Act, Act 24 of 1936. This agreement will lapse and be of no effect if the Master of the relevant High Court do not consent to the sale within 30 days after the acceptance of the offer. 31.2 If this sale is after the second meeting of creditors, then the Trustee in the insolvent estate warrants that this sale is in accordance with the directions of the creditors.

INSOLVENCY ACT. 31.1 If this sale is before the second meeting of creditors creditors, then the Trustee in the insolvent estate warrants that he shall recommend the sale to the Master of the High Court in order for the Conveyancers to obtain the necessary consent by the Master in terms of section 80 bis of the Insolvency Act, Act 24 of 1936. This agreement will lapse and be of no effect if the Master of the relevant High Court do not consent to the sale within 30 days after the acceptance of the offer. 31.2 If this sale is after the second meeting of creditors, then the Trustee in the insolvent estate warrants that this sale is in accordance with the directions of the creditors.