Alice Bezuidenhout, aged thirty-three years old, is a Team Leader at Dupire (PTY) Ltd which is a leading and highly innovative software house, systems integrator and technology provider, established to provide leading edge intelligent technical solutions and consulting services to businesses. Alice earns a salary of R17 000.00 which is her only income. In 2019 she decided to take a loan from Alkali Bank, in the amount of R950 000.00, in order to purchase her first house which is situated in Sunnydale. A mortgage bond was registered over the house. The mortgage bond monthly payments consist of an amount of R6000.00. In addition, Alice thereafter purchased a grey Hyundai Grand i10 motor vehicle which is worth R200 000.00. Her monthly repayments toward the motor vehicle is R3000.00. Alice also has other responsibilities which include paying for her parent's medical aid which amounts to a monthly payment of R5000.00. She has recently started paying for her parent's medical aid as her elder brother is unable to continue doing so as his contract of employment was terminated. Alice's monthly groceries and municipal charges amount to R5000.00. Alice is engaged to Lance Brown and intends on getting married to him next month. She has spent R5000.00 on his wedding ring. Alice is struggling to pay her financial debts and she cannot afford to pay numerous creditors the amount that she owes them.

Alice would like to know more about the acts of insolvency. Explain to her what an act of insolvency is and provide her with a list of what constitutes an act of insolvency. 

Answer rating: 100% (QA)

The Provincial Insolvency Act 1920 THE PROVINCIAL INSOLVENCY ACT 1920 1 Short title and extent 1 Thi... View the full answer