To analyze the statements and select the most correct combination, let's evaluate each one:
A. Compulsory sequestration is when the applicant is a creditor of the insolvent.
This statement is correct. Compulsory sequestration usually involves a creditor applying for the sequestration of a debtor's estate.
B. In an application for compulsory sequestration, the concursus creditorum is established only after the final order is granted.
This statement is somewhat misleading. The concursus creditorum (the gathering of all creditors) is generally part of the insolvency process but isn’t strictly limited to after the final order. It starts once proceedings are commenced.
C. Both the High Court and the Magistrates Court have jurisdiction in insolvency matters.
This statement is correct. In many jurisdictions, both courts can indeed have overlapping jurisdictions regarding insolvency matters.
D. Criminal offences can be tried by a High Court or by a magistrate's court subject to the applicable jurisdiction.
This statement is also correct. Different courts handle criminal matters based on their jurisdiction.
E. The 1973 and 2018 Companies Acts contain all the provisions necessary to wind up solvent and insolvent companies.
This statement is misleading, as while these acts provide many provisions, they may not contain "all" provisions necessary for winding up. There could be other legislation or common law principles that are also relevant.
Based on the assessment of the statements:
- Statements A, C, and D are correct.
- Statements B, D, and C are also correct.
- Statement E is more ambiguous.
Thus, the best answer based on the evaluations would be:
"Statements A, C, and D are correct."
1 answer