When to Apply for Insolvency as Opposed to Debt Review Fear of the process to be sequestrated, the costs involved and the status of sequestration are among the reasons why people shy away from applying for insolvency declaration. However, considering what can happen if the debt is left unpaid. It is certainly better to take the initiative and apply for insolvency, before creditors attach assets… Read More »APPLY FOR INSOLVENCY

When Applying for Bankruptcy in South Africa is Best to Get Rid of Debt Applying for bankruptcy in South Africa as an individual entails a court application for voluntary sequestration, which is a legal process with the outcome being to be declared insolvent. If you live in South Africa and your debt has become unmanageable, then you might want to consider applying for voluntary sequestration,… Read More »APPLYING FOR BANKRUPTCY IN SOUTH AFRICA

Help on How to Apply for Insolvency in South Africa If you want to know how to apply for insolvency in South Africa, first read through our sequestration or liquidation pages and then make use of our legal expertise in helping you to apply for insolvency. Sequestration applies if you are a natural person and liquidation if it is a business entity, such as a… Read More »HOW TO APPLY FOR INSOLVENCY IN SOUTH AFRICA

UNDERSTAND THE BASICS OF WHAT SEQUESTRATION ENTAILS We’ve answered the question, “What is sequestration?” and related questions below to help you understand the full extent of what sequestration is and when it is applicable in South Africa. The short answer to the question, “What is sequestration?” is that it entails the bankruptcy of a natural person, though it can also be applied to a trust.… Read More »WHAT IS SEQUESTRATION?

How to Deal with Complicated Issues Regarding Sequestration Sequestration is a complicated matter, best handled by experienced insolvency law attorneys. With many pitfalls to avoid, it is essential to get legal guidance regarding your debt, finances, and rights. We therefore take a look at a few of the issues and terms to give some clarification regarding the complexities of sequestration. SARS is a Preferred Creditor… Read More »SEQUESTRATION

How Insolvency Affects Your Financial Status Insolvency is when your liabilities far exceed your assets and you are unable to pay debts owed to creditors. To be declared bankrupt or insolvent, you need to apply to court through a process called voluntary sequestration. Note that you must have enough assets to ensure that the sale thereof can realise sufficient funds to pay the preferred creditor… Read More »INSOLVENCY | HOW TO KNOW IF YOU’RE INSOLVENT

Seek Expert Insolvency Guidance on Important Issues Regarding Sequestration It is recommended that you make use of insolvency specialists if you want to apply for voluntary sequestration or have been served notice about forced sequestration by one of your creditors. Insolvency specialists can assist you to determine whether or not you qualify for sequestration, assist you through the process, handle the court representation, and answer… Read More »INSOLVENCY SPECIALISTS

Who Determines Voluntary Sequestration Fees? Though voluntary sequestration costs are high, the Law Society prescribes the rates associated with the process. People often ask why lawyer’s fees are so high related to sequestration, but one has to remember that it is a complex process involving court application and investigations. It is, however, recommended that you compare the voluntary sequestration legal costs with the fees prescribed… Read More »VOLUNTARY SEQUESTRATION COSTS

HOW TO START THE COMPANY LIQUIDATION PROCESS IN SOUTH AFRICA As an individual, you can only apply for voluntary sequestration in South Africa if you own immovable property or have other large assets that are not encumbered by debt, to ensure that there is enough benefit for the creditors. However, if you own a business, you can apply for liquidation of the business, regardless of… Read More »COMPANY LIQUIDATION PROCESS IN SOUTH AFRICA

Bankruptcy vs Insolvency and How It Applies to You Understanding bankruptcy vs insolvency will help you get a better idea of what liquidation entails. Insolvency comes before liquidation or bankruptcy. That being said, a business can be liquidated voluntarily by its directors, members, or shareholders, even if it is profitable and solvent. This can be done once a business has served its purpose and is… Read More »BANKRUPTCY VS INSOLVENCY