Cap. 13 ст. 528If debt agreement is not approved.

If the bankrupt at any time communicates his intention to proceed with a bankruptcy without a debt agreement, or does not provide his consent to the proposed terms of a debt agreement in terms of the provisions of Title V, or in the event that the proposed terms are not confirmed by the creditors and leave has not been granted for the proposal of fresh terms in accordance with article 522, or if the proposed terms have not been confirmed by the court in accordance with article 523, the court shall:

(a) if the bankrupt is a legal person, instruct the bankruptcy trustee to appear before the court, on such date, and at such a time as shall be specified in the relevant notice, being a date which shall not be later than thirty (30) days from the meeting held in terms of article 518, to present the proposed terms of the bankruptcy order, which shall include:

(i) the admitted debts and the contents of the inventory and debt register;

(ii) a request to proceed to the sale of assets comprising the bankruptcy estate, under the authority of the court; and

(iii) a request for such additional authorisations as the bankruptcy trustee may consider to be necessary or required for the fulfilment of the proposed terms of the bankruptcy order;

(b) if the bankrupt is a natural person, instruct the bankruptcy trustee to appear before the court, on such date, and at such a time, as shall be specified in the relevant notice, being a date which shall not be later than thirty (30) days from the meeting held in terms of article 518, to present the proposed terms of the bankruptcy order, which shall include:

(i) the admitted debts and the contents of the inventory and debt register;

(ii) the assets, retained by the bankrupt, that the bankruptcy trustee has deemed to be protected in terms of article 492, provided that the bankruptcy trustee shall, where he deems that such assets have an excessive value in consideration of the circumstances of the bankrupt, or in any circumstances where he is so petitioned by creditors representing in excess of ten per cent (10%) of the admitted debts, propose that such assets be seized and realised in terms of article 528(b)(iii), and that a determined portion of the resultant proceeds be reimbursed to the bankrupt, as the bankruptcy trustee may deem necessary for the bankrupt to secure the use of assets that would represent a suitable replacement;

(iii) the assets, forming part of the bankruptcy estate, that shall be sold, under the authority of the court, for the settlement of the debts pertaining to the creditors, in whole or in part;

(iv) the conditions, if any, pursuant to which the bankrupt may recover ownership of those assets, forming part of the bankruptcy estate, which are not proposed for sale in terms of article 528(b)(iii), provided that such assets shall automatically fall to be sold in terms of article 528(b)(iii) if the prescribed conditions are not met;

(v) the established amount that the bankrupt shall contribute towards the bankruptcy estate in the hands of the bankruptcy trustee, in terms of an income payment plan, if any, forming part of the bankruptcy order, out of anything that devolves on, or is derived by, the bankrupt after the rehabilitation in terms of article 534(1)(b), for a period not exceeding three (3) years that shall be reckoned from the date of the original appointment of the first bankruptcy trustee, for the further settlement of debts, in whole or in part, which amount shall be formulated in accordance with the bankruptcy trustee’s projection of the bankrupt’s income and expenditure in terms of article 519(3); and

(vi) any other obligations that shall be imposed on the bankrupt for the duration of the income payment plan.