This module examines the historical development and foundational principles of South African insolvency law and explains the purpose and objectives of insolvency within the legal system. It further requires students to identify and critically analyse the statutory requirements and formalities relating to compulsory and voluntary sequestration, as well as compulsory and voluntary winding-up, and to evaluate their legal consequences with reference to practical case studies. Students will distinguish between the recognised forms of security in South African insolvency law and apply the rules governing the distribution of proceeds in an insolvent estate to a given set of facts. The module also critically evaluates the legal principles governing interrogations, creditor meetings and the proof of claims, including the constitutional rights and interests implicated in these processes. In addition, students will develop the ability to advise clients on statutory and common-law rules relating to impeachable transactions and uncompleted contracts, and to resolve complex legal problems arising from such circumstances. Finally, the module critically examines the administration and distribution of insolvent estates and evaluates the principles underpinning the business rescue regime, including the application of legal rules to complex business rescue scenarios.