THINGS YOU MUST KNOW ABOUT DECLARING INSOLVENCY AS AN INDIVIDUAL IN SOUTH AFRICA Declaring insolvency as an individual in South Africa entails a legal process whereby you apply to court to be declared bankrupt. As part of the process, you surrender your estate and a court-appointed trustee/curator oversees the sale of assets and distribution of proceeds to the creditors. The process for applying for declaring… Read More »DECLARING INSOLVENCY AS AN INDIVIDUAL IN SOUTH AFRICA

CAN BANKRUPTCY BE DENIED? REQUIREMENTS FOR VOLUNTARY SEQUESTRATION IN SOUTH AFRICA Voluntary sequestration is a legal process whereby an individual is declared bankrupt by the High Court or by a relevant Magistrate Court in South Africa. It makes it possible for the debtor to get rid of up to 80% of their debt while the remainder is covered by the sale of assets as overseen… Read More »CAN BANKRUPTCY BE DENIED?

AND OTHER IMPORTANT QUESTIONS One of the questions often asked is “can a company in liquidation continue to trade?” Though certain exceptions may apply, the answer is no. The main purpose of a company liquidation is to stop trading and close all business operations. This also helps to prevent the business entity from creating more debt and to protect the creditors. However, to understand why… Read More »CAN A COMPANY IN LIQUIDATION CONTINUE TO TRADE?

PRELIMINARY FORMALITIES TO MEET WITH THE APPLICATION FOR INSOLVENCY An application for insolvency entails a legal process whereby the debtor applies to Court to have their estate surrendered and to be declared bankrupt. It is called voluntary sequestration. An application for insolvency can only be successful if the formalities are also met. In addition, the applicant must, indeed, be cash-flow and capital insolvent. This means… Read More »APPLICATION FOR INSOLVENCY

IMPORTANT ASPECTS OF VOLUNTARY SEQUESTRATION Voluntary sequestration provides you with the opportunity to get rid of up to 80% of your debt within a short period. It entails an application to court to have your financial estate surrendered and to be declared bankrupt. The estate is surrendered to the benefit of the creditors. The court only accepts the voluntary surrendering of your estate if you… Read More »VOLUNTARY SEQUESTRATION

POSITIVE INSOLVENCY IMPLICATIONS TO CONSIDER Though much has been said about the negative implications of insolvency, one also has to consider how insolvency can help a debtor to become free from the stress of financial troubles. INSOLVENCY IMPLICATIONS FOR THE INDIVIDUAL Voluntary sequestration provides for a means to get rid of up to 80% of your debt. It is not without a price. Your assets… Read More »INSOLVENCY IMPLICATIONS

AFFORDABLE SEQUESTRATION LAWYERS: DEALING WITH THE COST OF DEBT The first step towards becoming completely debt-free is to seek the legal guidance from our affordable sequestration lawyers. Yes, the voluntary surrendering of your estate can be expensive if you do not look out for the pitfalls, but it can also be an exceptionally affordable means for dealing with mountains of debt. HOW DO YOU PAY… Read More »AFFORDABLE SEQUESTRATION LAWYERS

WHEN TO CONSIDER VOLUNTARY SEQUESTRATION IN SOUTH AFRICA Sequestration in South Africa is certainly not the first choice when it comes to addressing the debt burden, but if you have already reached the point where even normal debt restructuring and debt review are no longer valid options, then it is time to get rid of the debt once and for all. Debt has a way… Read More »SEQUESTRATION IN SOUTH AFRICA

IN DEBT? FIND OUT HOW TO DECLARE INSOLVENCY IN SOUTH AFRICA Donald Trump is the USA President and he has filed for bankruptcy no fewer than four times. It thus may seem like an easy way out of debt, but as with any other debt solution, several pitfalls await. It is thus best to discuss the issue of how to declare insolvency in South Africa… Read More »HOW TO DECLARE INSOLVENCY IN SOUTH AFRICA

“WHEN DOES SEQUESTRATION GO INTO EFFECT?” AND RELATED QUESTIONS If you struggle to pay your debts and living costs, whilst the debts are far too big to pay off through debt review within five years, you can apply for voluntary sequestration. To help you make an informed decision on whether or not to voluntary sequestrate, let us look at the answers to questions, such as… Read More »WHEN DOES SEQUESTRATION GO INTO EFFECT