Public Debt Commissioners v Fine [1915] ZATPD 112 (28 June 1915)

Debtor and Creditor.-Moratorium.-Solvency.-Sec. 5 (1) of .Act No. I of 1914 (Special Session).

In determining whether a debtor is solvent within the meaning of sec. 5 (1) of Act No. 1 of 1914 (Special Session) the Court looks not at what his assets
would fetch if realised in the open market during the war, but at their real or normal value, disregarding any depreciation the war may have caused.
To give effect to the sub-section the word "solvent" must be liberally interpreted. Southern Life Association v. Est. Van Zijl (1915, C.P.D. 39) followed; Raubenlieimer
v.' Fisl,, (1914, C.P.D. 942) distinguished.