The Process of Financial Rehabilitation after Sequestration in South Africa  Financial rehabilitation after sequestration in South Africa is a legal process by order of the court, whereby the insolvent party’s status of “bankrupt” or “insolvent” is removed. Rehabilitation, according to the Insolvency Act of South Africa, is automatic after a period of ten years, if the insolvent party does not apply to the court before… Read More »FINANCIAL REHABILITATION

Five Important Characteristics of Debt-Free Living  Though the thought of voluntary sequestration may be scary, it is one way to break free from the debt cycle. Once debt-free, it is important to develop certain characteristics, which will eventually become part of your lifestyle, allowing you to stay free from the control that debt has over your life. Let us look at some of the important… Read More »CHARACTERISTICS OF DEBT-FREE LIVING

Five Sure-Fire Tips to Live Debt-Free  If you are currently struggling to pay your home loan, cannot keep up with vehicle finance instalments, are concerned about the interest on your credit cards, and juggle between accounts to service store accounts then it is time for a change. You can live debt-free by following the tips below. Look around the house. Many of the items bought… Read More »TIPS TO LIVE DEBT-FREE

INSOLVENCY LAWYERS TO ASSIST WITH REHABILITATION AFTER SEQUESTRATION IN SOUTH AFRICA Rehabilitation is a legal process whereby you apply to the High Court of South Africa to be relieved from your insolvent status. The effect is that you will regain the legal status you had before the sequestration. Your credit record will show that you have been rehabilitated and are no longer under sequestration. Unless… Read More »INSOLVENCY LAWYERS

ISSUES REGARDING LIQUIDATION OF YOUR BUSINESS If a creditor wants to bring an application for liquidation of your company, the creditor must be able to prove that it would be fair and just to liquidate your company. The creditor must prove that your company is insolvent and thus unable to pay its debts. If you want to bring a voluntary application for liquidation of your… Read More »LIQUIDATION

HOW TO START WITH THE VOLUNTARY LIQUIDATION APPLICATION PROCESS The liquidation application process, unlike with the sequestration application process, does not require a business to have cash or assets sufficient to ensure that the sale thereof can provide for the minimum benefit to creditors and pay for the liquidation process. This is so because, according to the regulations of the Companies Act and the Trust… Read More »LIQUIDATION APPLICATION PROCESS

LIQUIDATION AS ONE OF THE DEBT SOLUTIONS THAT WORK FOR A COMPANY If your business is in trouble, it is essential to take proactive steps in seeking debt solutions that work. Business rescue is one such a debt solution that can work very well. However, if it is not a viable way to save the business, it is time to apply for voluntary liquidation. Perhaps you have… Read More »DEBT SOLUTIONS THAT WORK

BASICS REGARDING THE VOLUNTARY LIQUIDATION OF A COMPANY Unlike with the sequestration of an individual, with the voluntary liquidation of a company, the business does not require cash or assets that are sufficient to ensure sale thereof will be enough to provide for minimum benefit to creditors. If the liabilities of the company exceed the business assets, the business is insolvent and according to the… Read More »LIQUIDATION OF A COMPANY

VOLUNTARY SEQUESTRATION AS ONE OF THE OVERLOOKED DEBT SOLUTIONS IN SOUTH AFRICA Misconceptions about debt solutions in South Africa keep many consumers in tremendous debt. For one, if a debtor signs admission of debt and an agreement to pay off the debt with a debt collecting attorney, that debtor can stay in this dire financial situation for an exceptionally long time. The same holds true… Read More »DEBT SOLUTIONS IN SOUTH AFRICA

A Closer Look at Insolvency in South Africa The laws regarding insolvency in South Africa differ from other countries’. It is recommended that you make use of the services offered by experienced insolvency attorneys in South Africa, rather than relying on information shared on the Internet for other countries. We take a look at some of the terminology and questions regarding insolvency in South Africa… Read More »INSOLVENCY IN SOUTH AFRICA