Recognition of External Trustees and Liquidators Act, 1932
Act 51 of 1932
- Commenced on 18 November 1932
- [This is the version of this document at 1 December 1998.]
1. Short titleThis Act may be cited as the Recognition of External Trustees and Liquidators Act, 1932.
2. InterpretationIn this Act unless inconsistent with the context—“country” means—(a)any country in the Commonwealth;(b)the Republic of Ireland;(c)the Republic of South Africa; or(d)South West Africa;“external trustee” means a person duly appointed in a country other than Swaziland, for the purpose of administering, liquidating and distributing any bankrupt or insolvent estate;“external liquidator” means a person duly appointed in a country other than Swaziland, for the purpose of liquidating any company;“immovable property” means land or any interest in land registered in the office of the Registrar of Deeds or Registrar of Mining Rights or other registration officer;“letter of appointment” means and includes every document issued and delivered (or a copy of such document duly certified by a competent judicial authority) under which any person is appointed to perform duties in relation to any bankrupt or insolvent estate or to any company in liquidation similar to those performed in Swaziland by trustees of insolvent estates or by liquidators respectively;“local creditor” means a creditor—(a)resident or carrying on business in Swaziland;(b)who is such by virtue of any right or claim against the estate first accruing to a creditor resident or carrying on business in Swaziland;(c)who is such by virtue of any debt or obligation registered in the office of the Registrar of Deeds or Registrar of Mining Rights or other registration office;“Master” means the Master or Assistant Master of the High Court or any person lawfully acting in such capacity;“Minister” means the Prime Minister;“movable property” means every kind of property and every right, interest or asset which is not immovable property.
3. Coming into forceThis Act shall apply to external trustees or external liquidators with effect from the date of publication by the Minister in the Gazette of a notice declaring that there is in force in the country in question due provision for the recognition of letters of appointment of trustees in insolvency and liquidators granted by competent authority in Swaziland and shall continue to apply until the publication in like manner of a notice declaring that such provision is no longer in force in the country in question and thereby withdrawing in respect of it the operation of this Act.
4. Order of recognition
5. Inventory and security
6. ClaimsThe proof and admission or rejection of claims against such estate or company and its liability for them to the extent of its property, the application of such property, as well as all questions of mortgage or preference in respect thereof, shall be regulated as if the estate were sequestrated or the company placed in liquidation by order of a competent court in Swaziland:Provided that the Master shall appoint not less than two public meetings of creditors (to be held at such times and places as he shall deem most convenient for all concerned) for receiving proofs of debt against the estate, and the second of such meetings shall be held not less than fourteen days after the first, and none but local creditors shall be entitled to prove their claims thereat:Provided further that the external liquidator shall advertise such meetings in the Gazette and in such newspaper circulating in Swaziland as the Master may direct.
7. AccountsThe external trustee or external liquidator shall lodge with the Master (subject to any law in force in Swaziland as to extension of time), an account of his administration of the property in Swaziland, a plan of distribution, and (if any) a plan of contribution.
8. Plan of distributionThe plan of distribution shall show—
9. Confirmation of planThe publication and confirmation of every such account and plan and the payment of dividends and the collection of contributions thereunder shall be governed as far as may be by the law and practice in force for the time being in Swaziland relating to insolvency.
10. Concurrent creditorsUpon such confirmation the external trustee or external liquidator shall pay all costs of administration in Swaziland and the claims of all local preferent creditors, and thereafter the balance remaining shall be available for distribution among the general body of creditors, including the local concurrent creditors:Provided that such balance shall remain in Swaziland until—
11. Unpaid dividends
12. Costs de bonis propriisThe court may order the costs awarded to the Master upon any proceeding taken by him against an external trustee or external liquidator under this Act to be paid by such trustee or liquidator de bonis propriis and such external trustee or external liquidator shall in no case be entitled to charge them to the estate administered by him unless authorised so to do by the High Court.
13. Master’s expenses and feesThe external trustee or external liquidator shall pay any expenses lawfully incurred by the Master in giving effect to this Act together with such fees as are prescribed by any law for the time being in force relating to insolvency or liquidation of companies.
14. Release of trusteeIf no creditor proves a claim before the Master within the appointed time the Master may release the sureties of the external trustee or external liquidator upon payment of the fees and expenses prescribed by law.
15. Stay of proceedings against insolventAll actions pending against any bankrupt or insolvent whose estate is being administered by an external trustee or against a company the assets of which are being administered by an external liquidator shall upon recognition of such trustee or liquidator be stayed:Provided that if—
16. Stay of proceedings by insolventEvery action commenced by the said bankrupt, insolvent or company shall upon the recognition of the external trustee of such bankrupt or insolvent or the external liquidator of such company be stayed until such trustee or liquidator shall make election to prosecute or discontinue the same and he shall be bound to make such election within four weeks after notice to that effect has been served upon him by the defendant and, failing such election, he shall be deemed to have abandoned such action.
17. Application of laws of SwazilandIn all matters not specially provided for in this Act the law for the time being in force in Swaziland relating to insolvent estates or liquidation of companies, as the case may be, shall mutatis mutandis apply.
18. Saving of powers of High CourtNothing in this Act shall be deemed to deprive the High Court of any jurisdiction which it may have before the commencement of this Act to recognise for the purposes of the administration of any assets within Swaziland any person appointed by a competent authority outside Swaziland to be the trustee of a bankrupt or insolvent estate or the liquidator of a company.
History of this document
01 December 1998 this version
18 November 1932
Cited documents 0
Documents citing this one 5
- Potgieter v Klopper And Others (4 of 1985)  SZSC 7 (1 January 1986)
- Swazi Plastic Industries Ltd v Fourie And Others (29 of 1999)  SZSC 27 (3 December 1999)
- Swaziland Development & Savings Bank v Shilubane and Others; Swaziland Development & Savings Bank v Breytenbach and Others, in re: Breiyenbach and Others v Insolvent Estate of Dumisa Mbusi Dlamini (2034 of 2004; 346 of 2007)  SZHC 145 (18 July 2008)
- Swaziland Development and Savings Bank v Dewald and Others (1275 of 2011)  SZHC 179 (10 August 2012)