how long does sequestration last in south africa ?
If you have been sequestrated you have a couple of options in order to rehabilitate from sequestration
5 year application for rehabilitation after sequestration
This is the most common rehabilitation after sequestration option available. You can apply for rehabilitation after sequestration 5 years after your order for insolvency was granted.
10 year automatic rehabilitation after sequestration
Should you decide not to physically apply for rehabilitation you will be automatically rehabilitated from sequestration 10 years after your insolvency order has been granted
Immediate rehabilitation after sequestration
This option can be used when the following conditions have all been met
- The insolvent paid more than the minimum contribution that equals more than 50% contribution
- All the contribution has been paid and/or collected from asset sales
- If there were no contraventions of the Insolvency Act
how long does sequestration last 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.