S.L. 452.84 Art. 4Insolvency.

(1) For the purposes of these regulations, an employer shall be deemed to be in a state of insolvency -

(a) where a request has been made for the commencement of proceedings for bankruptcy of the employer under Part III of the Commercial Code and the Court has established that the employer’s undertaking or business has been definitely closed down, and that the available assets are insufficient to cover the payment of the claims in accordance with regulation 7; or

(b) the Court has either appointed a provisional liquidator or administrator, or a liquidator after a winding up order in terms of the Companies Act.

(2) The date wherein an employer shall be considered to be insolvent shall be the earlier of the date -

(a) of adjudication of bankruptcy by the Court; or

(b) when a liquidator is appointed in accordance with the Companies Act.