The process of Liquidation.
The test for liquidating a company in South Africa is thus as follows: If a company is terminal in terms of the Companies Act 71 of 2008 and may or may not have either considered other options like business rescue or moratoriums AND the total liquidated (made cash) assets of the company is therefore less than the total outstanding debt book. Let’s have a look at the process of liquidation
The process of liquidation is either very simple and straight forward or very intricate and complicated. This depends on the amount of creditors the company has and as a result, the types of accounts according to the classification in the Credit Act and furthermore the number of Directors.
Therefore it is very difficult to make a loose cost calculation standard on the process of liquidation. Every application is therefore handled on its own merit.
to put it in perspective and most noteworthy, we have not been declined a single application for liquidation since we started in 1999
Liquidating a company.
Do you need advice on whether liquidation is the option for you company, as a result please contact us
How to liquidate a company.
liquidating a company is thus a High Court Application and therefore not cheap. However our rates are most noteworthy the best in South Africa
How long does liquidation take South Africa
The liquidation application is therefore done from start to finish in 6 weeks. However the process of liquidating and in addition, administrating and distributing the estate can thus take as long as there are creditors.