Let's evaluate each statement based on the principles of insolvency law in South Africa, particularly as outlined in Hockly's Law of Insolvency:
A. The Companies and Intellectual Property Commission is required to approve a business rescue application.
- This statement is not correct. Business rescue applications must be filed in court, and the court has the authority to approve it; the CIPC plays a regulatory role but does not approve these applications.
B. Before an insolvency provision can be considered unconstitutional, it must first be declared as such by the constitutional court.
- This statement is correct. For any legal provision to be deemed unconstitutional, it generally must be declared so by a competent court, such as the Constitutional Court.
C. The South African Law Reform Commission developed a bill to consolidate insolvency practices.
- This statement is correct. The South African Law Reform Commission has indeed worked on reforming and consolidating insolvency practices.
D. Voluntary surrender is when the applicant is the insolvent debtor.
- This statement is correct. In the context of voluntary surrender, it refers to the process initiated by the debtor themselves due to their inability to pay debts.
E. The main objective of a liquidation order is to secure the orderly and equitable distribution of a debtor's assets where they are insufficient to meet the claims of all his creditors.
- This statement is correct. The purpose of liquidation is indeed to ensure that the debtor's assets are distributed fairly among creditors.
Having evaluated the statements:
- A is not correct.
- B, C, D, and E are correct.
Thus, the best option reflecting the correct statements is:
Statements B, C, and E are correct.