Allowances, Realization of Assets & Reports

Section 80

Continuation of insolvent’s business

(1) A trustee shall not carry on the business of the insolvent concerned or any part thereof unless authorized thereto by the creditors of the insolvent’s estate or, in the absence of instructions from the creditors, by the Master. Such authorization may be given by the Master at any time, whether before or after the second meeting of creditors.

[Sub-s. (1) amended by s. 22 of Act No. 16 of 1943.]

(2) If the trustee is authorized to carry on any such business, he shall, unless the creditors have otherwise directed him, purchase for cash only and only out of the takings of that business any goods which he may require for that business.