Jacob is wealthy businessman who makes a lot of money from corrupt dealings with politicians. He spends R2 million on works of art, which he donates to a museum. Another R8 million is put into his pension fund and the remaining R30 million is given to his wife. He owes R60 million and is declared insolvent. Creditors demand to be paid.

QUESTION 1

In light of the above and the Law of Insolvency list and discuss:

1.1 The (8) EIGHT Acts of insolvency

1.2 The role of the Trustee.