How Financial Rehabilitation After Sequestration Works Although voluntary sequestration helps you to get rid of up to 80% of your debt with the remainder payable in cash or down payment, according to an agreement over a period of 18-24 months, whilst under sequestration, your ability to enter into credit contracts is limited. As such, you will want to apply for financial rehabilitation after sequestration as… Read More »FINANCIAL REHABILITATION

You Don’t Have to Wait Ten Years for Rehabilitation After Bankruptcy Even though you are probably debt free after sequestration, provided you have not entered into credit agreements, you will want to restart your life. With the status of sequestrated at ITC, this can be difficult. To enter into credit agreements, you will need the written permission of your curator, and you will be monitored… Read More »REHABILITATION AFTER BANKRUPTCY

How Bankruptcy Works in South Africa It is important to understand how bankruptcy works, since it will affect at least the next four years of your life. As such, we recommend viewing the various sections on sequestration on our website, and to consult with our attorneys regarding questions you might have. We briefly explain how bankruptcy works for individuals in South Africa, in order to… Read More »HOW BANKRUPTCY WORKS

Legal Advice to Liquidate a Company in South Africa Unlike with individuals applying for voluntary sequestration, who must have enough assets to ensure that the sale thereof can realise enough benefit for the creditors, liquidation of a company in South Africa can be done even if the company doesn’t have any assets. This is so because the Insolvency Act states that as soon as a… Read More »LEGAL ADVICE TO LIQUIDATE A COMPANY

Why You Should Get Help If You Are About to be Declared Insolvent Most applications to the High Court for sequestration are for friendly compulsory sequestrations, or voluntary sequestrations. However, you should seek help immediately if you are declared insolvent. Indeed, before being declared insolvent, you should already seek legal representation. If it is an aggressive sequestration application, which is normally the case with banks… Read More »GET HELP IF YOU ARE DECLARED INSOLVENT

Perhaps the first question that comes to mind when you face insolvency is “how do I declare myself bankrupt?” We understand the frustration of having to deal with creditors that threaten with legal action, and the fear of having your assets attached and sold at below-market value. You know that you will end up paying interest, sheriff, legal and storage fees, and auction commissions, in… Read More »HOW DO I DECLARE MYSELF BANKRUPT

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?