Business debt rescue is a legal process with the purpose of saving a business in financial distress. Temporary management and supervision of the business are in place to put the business back on track and lead it back to a solvent state. If one thus looks at the question of how debt rescue works in terms of a business, then it is about the prevention… Read More »HOW DOES BUSINESS DEBT RESCUE WORK?

Is your company struggling to pay its debts? Does the firm struggle with immediate cash-flow problems? Is it likely that if the debt is temporary stayed and the company restructured that it would be able to operate in a solvent state within six months from the date? Is it in need of debt rescue? If you have answered yes to any of the questions, your… Read More »BUSINESS FAILING? IN NEED OF DEBT RESCUE?

SEQUESTRATION SPECIALISTS — ANSWERS REGARDING INSOLVENCY IN SOUTH AFRICA Voluntary sequestration is often seen as a last resort when it comes to debt management, simply because people do not understand the proceedings, benefits, and implications. Rather than relying on hearsay, we recommend seeking legal guidance from specialists to determine if voluntary sequestration is a workable solution for your debt problems in South Africa. Below are… Read More »SEQUESTRATION SPECIALISTS — ANSWERS REGARDING INSOLVENCY

South African insolvency law makes provision for the voluntary sequestration of an individual. The individual’s attorneys apply to the High Court on behalf of the applicant to declare the individual bankrupt. The individual’s estate is surrendered to the Master of the High Court, who appoints a trustee to take over control of the surrendered estate. The trustee must oversee the sale of assets and distribution… Read More »SOUTH AFRICAN INSOLVENCY LAW ON SPECIFIC ISSUES OF VOLUNTARY SEQUESTRATION

It is essential to seek legal guidance should you want debt relief through voluntary sequestration. To this end, some questions about insolvency in South Africa are briefly answered below, helping you to make an informed decision about debt management. WHAT WILL HAPPEN TO MY MONTHLY UTILITY ACCOUNT WHEN I SEEK DEBT RELIEF THROUGH VOLUNTARY SEQUESTRATION? It is a service account, and as long as you… Read More »ANSWERS ON QUESTIONS ABOUT DEBT RELIEF THROUGH VOLUNTARY SEQUESTRATION

INSOLVENCY MATTERS — CAN YOU GET CREDIT AFTER SEQUESTRATION? If you are struggling to pay your debt and your liabilities far-exceed your assets, you may qualify for voluntary sequestration. However, you are concerned that should you apply for voluntary sequestration, you might not be able to get credit after the effect. To help you make an informed decision regarding your financial affairs, we thus answer… Read More »CAN YOU GET CREDIT AFTER SEQUESTRATION?

WHICH DEBT SOLUTIONS IN SOUTH AFRICA WILL WORK FOR YOU? If you are looking for workable debt solutions in South Africa, you have probably considered debt review, administration, and debt consolidation loans. With debt consolidation loans normally carrying high interest rates, they often add to the debt burden instead of helping you to get rid of debt. Administration is only applicable if the debt amount… Read More »DEBT SOLUTIONS IN SOUTH AFRICA

WHAT IS THE ROLE OF THE INSOLVENCY LAWYER REGARDING VOLUNTARY SEQUESTRATION IN SOUTH AFRICA? Many South Africans are unable to pay their debts and are looking for debt solutions. One such a solution is voluntary sequestration, wherein an insolvency lawyer applies on behalf of the insolvent party to have the party declared bankrupt. The party’s estate is surrendered and the assets sold on auction. A… Read More »INSOLVENCY LAWYER

QUESTIONS ABOUT VOLUNTARY SEQUESTRATION IN SOUTH AFRICA Voluntary sequestration in South Africa is a legal process whereby you apply to court to be declared bankrupt. It enables you to regain control over your finances and to get rid of up to 80% of your debt in a short period. The creditors must at least receive 20 cents out of the rand and this means that you only… Read More »VOLUNTARY SEQUESTRATION IN SOUTH AFRICA

WHAT TO AVOID BEFORE AND DURING AN APPLICATION FOR VOLUNTARY SEQUESTRATION IN SOUTH AFRICA It is better to lodge a formal application for voluntary sequestration in South Africa than wait for creditors to apply for your estate’s sequestration. In the latter instance, creditors are more likely to take aggressive legal steps in order to get payment for debt owed and it may be more difficult… Read More »APPLICATION FOR VOLUNTARY SEQUESTRATION