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

A Few Tips on How to Get Out of Debt Over-indebtedness is more widespread in South Africa now than at any time previously. Having enjoyed the boom years of an economy when credit was freely available and far less costly, it has been all too easy to develop the habit of buying things now and only paying for them later. Almost overnight, a global economic… Read More »HOW TO GET OUT OF DEBT

You Could get Professional Help to Get Out of Debt There can be few situations in life more stressful than that of being faced with a mountain of bills whilst being quite certain that you have no means with which to settle them all. It is bad enough to accept that the family car or flat-screen TV could be repossessed, but when you can no… Read More »GET HELP AND GET OUT OF DEBT

Understanding why Liquidations are more helpful than one may believe There is a fairly widespread tendency for people to view liquidations as marking the end of a venture and a sign that a man or woman has tried hard to make a success of a business but, in the end, has had to accept failure. In practice, however, although trying and failing may provide a… Read More »LIQUIDATIONS

Sequestration and Rehabilitation Offers an Effective End to Debt Worries On any night in any South African town or city, there are likely to be hundreds and, in some cases, thousands or even tens of thousands of citizens who are unable to sleep. Their insomnia is not due to any medical cause, but the result of incessant worries about how they are going to pay… Read More »SEQUESTRATION REHABILITATION

Many myths surround sequestrations and becoming informed about the topic will help you make an informed decision as to whether sequestration is the best debt solution for you. We have explained sequestrations by means of answering some of the frequently asked questions on the topic below. Can I still emigrate or at least travel overseas if I have been sequestrated? Yes, you still qualify for… Read More »SEQUESTRATIONS EXPLAINED IN LAYMAN’S TERMS