GET HELP WITH VOLUNTARY LIQUIDATION AND AVOID COSTLY MISTAKES If your company’s liabilities exceed its assets, and your company is not able to pay its debts when due or there is a high likelihood that it will not be able to do so within the next six months, it must stop trading. You have the options of business rescue, compromise, or voluntary liquidation. For the purpose… Read More »GET HELP WITH VOLUNTARY LIQUIDATION
GET PROFESSIONAL HELP FROM INSOLVENCY ATTORNEYS TO AVOID THESE MISTAKES Unforeseen events can cause a person to lose everything they own. For a farmer, something like a fire out of control can spell the end of their farming success. Combine the after effects of a long drought, lockdown that has limited the ability to trade, and now the devastating fires that have destroyed vast stretches… Read More »GET PROFESSIONAL HELP FROM INSOLVENCY PRACTITIONERS
AVOID THESE OFFENCES WHEN YOU APPLY FOR SEQUESTRATION IN SOUTH AFRICA You can apply for sequestration in South Africa if you are cash and capital insolvent. This means you must be unable to pay your debts when due and your liabilities must exceed your assets. That said, it is possible to still apply for voluntary sequestration if you are cash-flow insolvent. This may be the… Read More »APPLY FOR SEQUESTRATION
HOW DOES SEQUESTRATION WORK IN SOUTH AFRICA? ANSWERS TO YOUR QUESTIONS You cannot make a decision that will affect the rest of your life if you do not have the necessary information. We understand that to become debt-free is your priority. However, to help you understand the process, we answer the question “how does sequestration work in South Africa” and related questions below. HOW DOES… Read More »HOW DOES SEQUESTRATION WORK IN SOUTH AFRICA?
HOW TO FREE YOURSELF FROM DEBT: WHICH SOLUTIONS ARE BEST FOR YOUR SITUATION? Once you are in the credit crunch, it is easy to lose perspective. Stress hinders creative thinking. Indeed, it is exceptionally easy to fall deeper into the debt trap in an attempt to free yourself from debt. If you have already drastically cut back on spending, have taken steps to reduce insurance… Read More »FREE YOURSELF FROM DEBT
WHAT ARE THE EFFECTS OF INSOLVENCY AND REHABILITATION? When the liabilities of a business exceed its assets, and the business is unable to pay its debts when due or is likely to be unable to do so within the next six months, it is insolvent. It must liquidate or enter business rescue. When it comes to individual insolvency, a person’s liabilities must exceed their assets and… Read More »WHAT ARE THE EFFECTS OF INSOLVENCY?
WHAT DOES IT MEAN TO BE SEQUESTRATED? FREQUENTLY ASKED QUESTIONS Sequestrations are the legal processes whereby creditors apply for debtors to be declared bankrupt or whereby insolvent parties apply to be declared bankrupt. WHAT ARE THE REQUIREMENTS FOR VOLUNTARY SEQUESTRATIONS? To be voluntarily sequestrated, the applicant must be truly insolvent. This means the applicant must be cash-flow and capital insolvent. As such, the individual’s liabilities… Read More »WHAT DOES IT MEAN TO BE SEQUESTRATED?
HOW DO YOU DETERMINE INSOLVENCY IN SOUTH AFRICA? You may struggle financially, but are you insolvent? To apply for voluntary sequestration of your personal financial estate, you must be truly insolvent. But how do you determine insolvency? We answer the question below and explain the grounds upon which a creditor can claim that you are insolvent. Keep in mind that business insolvency requirements are different from that… Read More »HOW DO YOU DETERMINE INSOLVENCY?
AN INSOLVENCY CHECKLIST FOR SOUTH AFRICA As convenient as it would be, there is no short and concise insolvency checklist for South Africa. However, to help you determine whether you qualify for voluntary sequestration, we look at the checklist for requirements below. We also look at a checklist to determine if you have committed an act of insolvency that can give a creditor in South… Read More »INSOLVENCY CHECKLIST SOUTH AFRICA
WHAT HAPPENS WHEN YOU ARE DECLARED INSOLVENT? QUESTIONS ANSWERED Although so much has been said about the sequestration proceedings before and after the court awarding the ruling of bankruptcy, you may still have questions, such as: “what happens when you are declared insolvent?” Below, we answer questions in terms of the procedures, the advantages, and the effects of being declared insolvent. WHAT HAPPENS IN TERMS… Read More »DECLARED INSOLVENT?