Insolvency, Sequestration, Liquidation and Rehabilitation and Business Rescue applications in South Africa
If you want to get the best advice and first of all information on the process of sequestration and in addition insolvency, you are at the right place. We are the most noteworthy industry leading Insolvency Practitioners in South Africa since 1999, and furthermore we have as a result helped thousands of clients.
Insolvency, Sequestration, Liquidation and subsequent Rehabilitation will furthermore help you write off up to 80% of your debt
Have you been as a result previously sequestrated, we will in addition give you the best advice on the process of sequestration rehabilitation
South Africans are falling into more debt as a result 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 furthermore very quickly fall into debt and hence not see a way out, consequently creditors knocking at their door for collection.
Debt counseling and Debt review will in addition usually be the first remedy against bad debt but in certain situations, in conclusion this is too little too late.
DO YOU HAVE ANY QUESTION ON INSOLVENCY?
Insolvency, Sequestration, Liquidation and in conclusion Rehabilitation is hence the only debt remedy which allows a debtor to consequently rid himself of 80% of his debt through, most noteworthy, a single process and is relatively painless when finally 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”
“2001 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 furthermore declared insolvent. Therefore the test for insolvency is therefore as follows. Your total value of your assets must be in conclusion less than the total value of your debt
If you are declared insolvent your estate will furthermore vest in the hands of the Master of the High Court
Curators will be appointed to meet with your creditors and in addition claims need to be proved. These liquidators will therefore furthermore 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 most of all a persons or legal entities status. Furthermore when talking status, it is always applied to individuals. Individuals can always apply for rehabilitation to therefore restore their status. Consequently Businesses cannot.
Sequestration is furthermore the collective name for personal applications made to a court that will declare the applicant therefore 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 as a result administered.
It includes definitions of insolvency, tests for insolvency, legal proceedings when making applications, appointment of Masters, appointment of liquidators and furthermore 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
liquidation procedures for a company
The liquidation process is very similar to the sequestration process and as a result serve the basic same end go
what happens when a company is liquidated
Liquidation and the surrender of a legal persons estate will furthermore result in that estate being handed over for liquidation. As a result only the minimum favor to creditors will be paid out and hence the company will disband
steps to liquidate a company
The steps to liquidate a company include most noteworthy the following
Advertisement in the Gazette and in addition a local newspaper
Statement of affairs be be lodged at the Master and the local Magistrates Court to furthermore be made available for inspection. This statement will consequently be available for inspection for a 21 day period
Formal letters to be sent with pre paid registered mail to all creditors including most relevant SARS
Signature of the founding affidavit by all members and or directors or any other interested party included on the registration documents
Opening of a court file and most noteworthy filing of all the above statutory requirements
Placing the application for hearing to obtain a final court order that will most noteworthy serve as a result in liquidation
legal consequences of liquidation
Liquidation will most of all stop all legal action and repossessions. Furthermore creditors will be paid according to the limitations of the act and therefore be kept off your back
The company will be disbanded and as a result not exist anymore.
Most noteworthy to remember with a liquidation, is that there cannot be any furthermore claims against directors in their personal capacity.
voluntary liquidation of a company
Voluntary liquidation of a company is the surrender of the company to the Master of the court when said company cannot pay its debt.
Most noteworthy is the phrase voluntary liquidation. This entails that the owners out of free will approach the court for an order of liquidation the will furthermore protect the assets of the members.
Provisional liquidation is a state of legal status that most noteworthy handles the eligibility of a company towards debt
As soon as the notice in the Government Gazette appears and furthermore the local newspaper ad, the company is provisionally liquidated.
In conclusion provisional liquidation will be made final by the subsequent final court order
cost of rehabilitation after sequestration
The cost of rehabilitation is currently R12 000. We also therefore provide payment plans if you cannot subsequently afford the entire amount . Furthermore we will ensure that your rehabilitation cost is kept very competitive and as a result provide the best service in addition at the best price
For how long does sequestration last in south africa
Let us first of all look at the statutory requirements for rehabilitation
You have to be sequestrated and as a result have your estate vested in the hands of the Master to therefore apply for rehabilitation
If you have as a result not committed any offenses and in addition complied with all the requirements of the Act, you might as a result be eligible for rehabilitation if:
Four years have lapsed since your sequestration order provided that your Liquidation and Distribution account has been acknowledged. Furthermore noted is that your contribution has all been therefore paid
When you pay more than 50c/R1.00 contribution and especially relevant, it has all been paid, you can as a result apply for immediate rehabilitation
Should you as a result of circumstances not be in a position to apply for rehabilitation you will as a result of the Act be automatically rehabilitated after 10 years
The rehabilitation notice
As with your sequestration, the notice for intention to rehabilitate will be published in the Government Gazette end therefore also in a local newspaper
mortgage after sequestration
The only most noteworthy instance where you might be eligible for a mortgage after sequestration is if you rehabilitate as a result of an application and your insolvent status have bee lifted
sequestrated and need a car
Any debt, including but most noteworthy vehicle finance, will be almost impossible if you are sequestrated
business rescue practitioner
We have been business rescue practitioners since 2007 and will therefore as a result be able to assist you with the best business rescue advice in South Africa
business rescue definition
Business rescue is defined as a process regulated by the Companies Act to furthermore save a company from liquidation. Most relevant is that the creditors can be held at bay. Furthermore the bad debtors of a company will be compelled to honor their debt that will as a result place the company in better financial state.
business rescue practitioner south africa
ctitionerWho is the best business rescue practitioner South Africa. Ask around and you will as a result see that Insolsure is the best. Furthermore we have a national network of law firms that will as a result assist you.
business rescue companies act 71 of 2008
The business rescue companies act 71 of 2008 will furthermore give you insight to all the legal aspects of business rescue and most noteworthy give you background on the process
Do you need any information on business rescue in South Africa? Please contact us since we will provide free consultation on the process and as a result your decision to apply for business rescue
Insolvency will most noteworthy write off up to 80% of your debt while as a result prevent repossession
Sequestration is just another word for insolvency and hence will as a result give the same outcome, most noteworthy writing off your debt
Liquidation is furthermore the same as insolvency but hence for legal persons and therefor most noteworthy companies. As a result of liquidation, a company can protects it’s directors from furthermore legal action
Business rescue is a process governed by the companies act and will furthermore attempt to prevent liquidation while furthermore paying that companies debt
Rehabilitation changes your status from insolvent to the opposite. Sequestration Rehabilitation will probably always be our end result that we aim for. Application for Rehabilitation can only be done for individuals and as a result not for companies that was liquidated