Insolvency, Sequestration, Liquidation and Rehabilitation and Business Rescue applications in South Africa
If you want to get the best advice and information on the process of sequestration and insolvency, you are at the right place. We have been the industry leading Insolvency Practitioners in South Africa since 1999, and we have helped thousands of clients.
Insolvency, Sequestration, Liquidation and Rehabilitation will help you write off up to 80% of your debt
If you have been previously sequestrated, we will give you the best advice on the process of sequestration rehabilitation
South Africans are falling into more debt due to the ever rising cost of basic living and the cost of credit. It is a statistical fact that more than half of our population is unemployed and in debt. Therefore scraping together whatever they can to survive.
Even high-income households can very quickly fall into debt and not see a way out with creditors knocking at their door for collection.
Debt counseling and Debt review will usually be the first remedy against bad debt but in certain situations, this is too little too late.
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Insolvency, Sequestration, Liquidation and Rehabilitation is the only debt remedy which allows a debtor to rid himself of 80% of his debt through a single process and is relatively painless when you make use of a seasoned professional.
What our clients say
“Great experience with you guys. At first we were reluctant to call but your compassion for our personal situation made it easier to open up”
“Baie dankie vir julle vriendelike hulp en aanhoudende bystand. Met julle hulp is ons huis nie op n veiling verkoop nie”
“In 201 your company helped me out when I was in bad debt. In 2017 you did my rehabilitation and I am now debt free and clean on ITC”
“Skuld is afgeskryf en ons kan oorbegin. Dankie dat julle atyd daar was as ons n vraag gehad het”
“I was not a client when I did my sequestration but the way you handled my rehabilitation application is a step above the rest”
Some more testimonials
“After talking to a few insolvency practitioners, you were the first company that made us feel unique and not just another client”
“Rehabilitasie aansoek begin en vinnig klaargemaak. Dankie vir julle puik diens”
“My company liquidation was handled fast and efficient with no hiccups. I also protected my personal assets with your help”
“I was paying my house that was sold on auction until you wrote off my debt”
“Perfect, passionate and fast. great advice for free. I did not do my application immediately and did not get pay a cent for advice”
voluntary sequestration south africa
The application known as voluntary surrender of estate is a legal process whereby the applicant seeks on order of the High Court to be declared insolvent. The test for insolvency is as follows. Your total value of your assets must be less than the total value of your debt
If you are declared insolvent your estate will vest in the hands of the Master of the High Court
Curators will be appointed to meet with your creditors and claims need to be proved. The liquidators will also administrate your insolvent estate
Read more here…
difference between sequestration and insolvency
The difference between sequestration and insolvency is just terminology
Insolvency is a global term that defines a persons or legal entities status. However when talking status, it is always applied to individuals. Individuals can always apply for rehabilitation to restore their status. Businesses cannot.
Sequestration is the collective name for personal applications made to a court that will declare the applicant insolvent
insolvency act south africa
The insolvency Act South Africa no 24 of 1936 id the legislation that oversee and prescribe how the process of insolvency is handled and administered.
It includes definitions of insolvency, tests for insolvency, legal proceedings when making applications, appointment of Masters, appointment of liquidators and the general rule of law
Please click here to read the insolvency act south africa
acts of insolvency
how long does sequestration last in south africa
Depending on a few factors, insolvent status can range from a few months to a few years. Companies can never change their status back and remain liquidated indefinitely
If you contribute more than 50c/R1, you can apply for rehabilitation immediately once the Master of the Court has confirmed your Liquidation account
Should your contribution be the minimum or less than 50%, you can apply for rehabilitation 4 years after your L&D account has been confirmed.
Ten years after your sequestration order will automatically rehabilitate you
life after sequestration
For the remainder of your insolvent status you will not be able to obtain finance.
Once rehabilitated you will have a clean credit record and you can start building a new credit profile. If you have been rehabilitated all your previous bad ITC listings will have been removed.
Our goal is to teach our clients the value of money management and to make sure that they never again fall into the dark spiral of bad debt