What is insolvency

what is insolvencyIf you have more debt than assets you might want to ask the question, what is insolvency ?

Insolvency is also called bankruptcy, voluntary surrender of estate and sequestration. All of these refer to personal debt. If your company or other legal entity is Insolvent, you apply for Liquidation. Liquidation can be voluntary or Compulsory

You can rehabilitate your personal insolvent estate end return to a debt free clean credit record. If you need to know what is insolvency, contact us first

Contact us

Discuss Your Next Steps
0
Clients in January 2017
0
Clients in 2016
0
Total number of clients
0
Years Experience

What is insolvency and how will it help me

Insolvency is a legal process that will place your estate in the hands of the Master of the Court. If you are declared insolvent by a court you must pay atleast 22c in every Rand to your creditors. This way you can almost write off 80% of your debt

To qualify for insolvency you need a few things

South African citizen

Older than 18 years

Your assets must be less than your debt