To evaluate the correctness of the statements:
A. Sequestration of a debtor's estate imposes on him only financial restrictions regarding his estate.
- This is not entirely correct as sequestration often has broader implications, including personal restrictions and implications on credit.
B. Winding-up of insolvent companies are regulated by the 2008 Companies Act.
- This statement is likely correct, as many jurisdictions have specific laws governing the winding-up process, which may include the 2008 Companies Act.
C. The Insolvency Act applies to certain aspects of liquidation procedures while the 2018 Companies Act applies to certain aspects of sequestration procedures.
- This statement appears to be accurate as different acts can cover different procedures regarding insolvency and liquidation.
D. Only the Magistrate's Court has jurisdiction to hear offences committed under the Insolvency Act.
- This statement is likely incorrect; offences under the Insolvency Act can often be heard in higher courts as well.
E. An offence committed under the Insolvency Act must be tried in the court with regional jurisdiction.
- This statement seems to be correct; offences may typically be under regional jurisdiction depending on the nature of the act.
Given this assessment, we find that:
- B, C, and E are likely correct.
- A and D are incorrect.
Thus, the best option is: Statements B, C and E are correct.
1 answer