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?
COMPLETE THE ONLINE ASSESSMENT FORM TO FIND OUT IF LIQUIDATION IS THE SOLUTION Thousands of South African businesses struggle to pay their debts. The recent health crisis and the subsequent lockdown have caused many more to default on their debt payments. Business owners in the tourism and hospitality industries have especially been hit hard during these trying times. Unable to operate from the start of… Read More »ONLINE LIQUIDATION ASSESSMENT FORM
INSOLVENCY PRACTITIONERS: INSOLVENCIES IN SOUTH AFRICA DURING LOCKDOWN With an increase in insolvencies in South Africa, more and more businesses approach insolvency practitioners for advice on how to proceed with business rescue and liquidation applications for their companies. HOPE DURING THIS PERIOD? For companies struggling to maintain cash-flow, pay their creditors, and ensure their liabilities do not exceed their assets, there is hope. The Companies… Read More »INSOLVENCY PRACTITIONERS
SEQUESTRATIONS IN SOUTH AFRICA: ONLINE APPLICATION TO DETERMINE IF YOU QUALIFY With the national state of disaster in place and the subsequent lockdown period, many individuals have lost their permanent jobs. Self-employed people have also been hard-hit because of the inability to trade, while many have lost large client contracts during the period. Several property owners are unable to pay the bonds on their properties… Read More »ONLINE SEQUESTRATION APPLICATION FORM
Many South African companies have to close their doors because they have not been able to continue normal operations during the lockdown period. Although liquidation is certainly an option, it also entails large-scale job losses and subsequent financial distress for the employees. Business rescue is an alternative, but to understand whether it can work for a company, it is important that we answer the question:… Read More »WHAT IS BUSINESS RESCUE?
BUSINESS RESCUE PRACTITIONERS: ROLES AND REQUIREMENTS Business rescue is the process whereby a company in financial distress is restructured under the supervision of an appointed business rescue practitioner to bring it back to a state of solvency and thus the ability to legally trade. According to the new Companies Act of 2008 and its amendments, such practitioners must meet specific requirements. A closer look at… Read More »BUSINESS RESCUE PRACTITIONERS
ADVANTAGES OF CORPORATE BUSINESS RESCUE As a result of financial difficulties experienced during the South African lockdown period, many companies are at the crossroads of having to choose between liquidation and business rescue. Some are still able to function but are likely to become factually and commercially insolvent within the next six months. Deciding whether or not to apply for business rescue can be a… Read More »BUSINESS RESCUE PRACTITIONERS
The recent worldwide health crisis and the subsequent world economic crisis have led to many business failures. In South Africa, hair stylists, restaurants, and many accommodation establishments, such as resorts and bed and breakfast type guesthouses are still not operational. Puzzle room operators, flea market vendors, and event companies cannot yet operate. The same applies for tour bus companies. For many of the businesses, it… Read More »WHAT HAPPENS WHEN A COMPANY GOES INTO INSOLVENCY?
WHAT YOU NEED TO KNOW TO APPLY FOR VOLUNTARY SEQUESTRATION IN SOUTH AFRICA Did you lose a large part of your income during the South African response to the worldwide health crisis? Are you afraid that the creditors may initiate legal proceedings for debt collection? Are you about to lose your tools of trade, furniture, and even costume jewellery because of debts owed? You can… Read More »APPLY FOR VOLUNTARY SEQUESTRATION