‘n Internasionale perspektief op insolvensie-ondervragings : is daar tekortkominge in die Suid-Afrikaanse reg wat gevul moet word?

LL.M.The main objective of the South African interrogation procedures during corporate insolvency is to trace and recover all corporate assets. The focus of such procedures is therefore on gathering information rather than investigating any probable causes of the insolvency and failure of the company, as English legislation prescribes. At present in South Africa no reasons have to be supplied to creditors, contributors or the public to explain the failure of companies. This situation contributes to the hesitant and sceptical attitude of the public towards companies and their reluctance to invest in companies. This aspect of our insolvency law can also have a negative impact on the level of foreign investment. The question therefore arises on how the insolvency industry should deal with the various challenges that such a situation presents, which entails at the same time challenging the general effectiveness of the South African insolvency system in its entirety