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The law relating to insolvent persons which includes a person, partnership, trust and club or the estate of that person or partnership is governed by the provisions of the Insolvency Act. Companies and other juristic persons are liquidated in terms of the Companies Act and Close Corporations are liquidated in terms of the Close Corporations Act.
A person or juristic person is said to be insolvent when its liabilities fairly estimated exceed its assets fairly estimated.
After sequestration of a debtor's estate, the insolvent estate vests in the trustee and that trustee is bound by the provisions of the Insolvency Act and governed by the directives and control of the Master of the High Court.
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