ABSTRACT
The primary objective of bankruptcy is to ensure that an equitable distribution of the proceeds available from assets of the debtor is made to creditors, while at the same time providing safeguards ensuring the humane treatment of the debtor through established legal processes. Bankruptcy proceeds on the assumption that the debtor's property or assets, whether tangible or intangible, are taken over by persons appointed by the court in an official capacity. An adjudged bankrupt has a duty to ensure that he or she provides such information and renders sufficient assistance to enable the official receiver to obtain control of, and to realise where necessary, all the assets or property for effective distribution among creditors. A public examination of the debtor is to be conducted by the court in order to clearly establish the claims presented by creditors as well as to give the debtor an opportunity to affirm or disprove the claims.
