HOW DOES INSOLVENCY AFFECT CREDIT APPLICATIONS AND RECORDS IN SOUTH AFRICA? Before applying for voluntary sequestration, you need to know the answer to the question: “how does insolvency affect credit?” It is essential to understand and come to terms with how it impacts your ability to obtain finance, as well as your credit record, since the status will have an impact on your ability to… Read More »HOW DOES INSOLVENCY AFFECT CREDIT?
SOUTH AFRICAN INSOLVENCY PRACTITIONERS: ROLES IN BUSINESS RESCUE AND LIQUIDATION In the current economic climate, where many businesses struggle to keep their doors open, business rescue has become a rather attractive option for companies to avoid liquidation. Many South African insolvency practitioners have been appointed in recent years as business rescue practitioners in order to help rehabilitate failing companies and bring them back to a… Read More »SOUTH AFRICAN INSOLVENCY PRACTITIONERS
ANSWERS ON QUESTIONS: WHAT IS THE LEGAL DEFINITION OF INSOLVENCY? With so many misconceptions about insolvency, bankruptcy, liquidation, and sequestration, it is time to answer the question: “what is the legal definition of insolvency?” SO, WHAT IS THE LEGAL DEFINITION OF INSOLVENCY? It is when a business entity or person is unable to meet their financial obligations to their creditors as and when the debts… Read More »WHAT IS THE LEGAL DEFINITION OF INSOLVENCY?
HOW TO AVOID BANKRUPTCY IN SOUTH AFRICA It is possible to avoid bankruptcy in South Africa, even if you have excessive debt, do not have enough assets, and experience difficulty in paying debts when due. We briefly look at ways to avoid bankruptcy before and after the mentioned scenario. PAY OFF DEBTS WHERE POSSIBLE Set up a monthly budget for the basic living expenses. Cut… Read More »AVOID BANKRUPTCY
A DEBT SOLUTION THAT COMPANIES IN SOUTH AFRICA NEED TO CONSIDER Liquidation may not be a debt solution that companies in South Africa consider at first, but with the risks involved in carrying on with business even when in financial trouble, more companies should consider it. BUSINESS RESCUE AS A DEBT SOLUTION FOR COMPANIES Some companies can still be saved, thus brought back to a… Read More »DEBT SOLUTION COMPANIES
HOW SEQUESTRATION ATTORNEYS HELP YOU COMPLY WITH IMPORTANT REQUIREMENTS You need help from experienced sequestration attorneys because the bankruptcy application is a legal process. They help determine if you qualify for voluntary sequestration, handle the court application on your behalf, and make sure the formalities are met. SEQUESTRATION MUST BE TO BENEFIT OF CREDITORS Though voluntary surrendering of your estate helps you to get rid… Read More »SEQUESTRATION ATTORNEYS
HOW SEQUESTRATION SPECIALISTS CAN HELP: STATEMENT OF AFFAIRS The statement of affairs forms an integral part of your application to surrender your estate. Seek legal guidance from sequestration specialists to make sure the statement meets the legal requirements. We discuss the statement of affairs, showing how sequestration specialists help meet the formal directives when filing for bankruptcy in South Africa. WHAT THE STATEMENT OF AFFAIRS… Read More »SEQUESTRATION SPECIALISTS
ATTORNEYS IN SOUTH AFRICA TO ASSIST WITH INSOLVENCY MATTERS: YOUR QUESTIONS Since voluntary sequestration is a judicial process, you need legal help, so make use of experienced attorneys in South Africa to assist with insolvency; do not rely on information from friends or family. Even before you take the first step towards voluntary sequestration, consult with sequestration attorneys in South Africa to assist with insolvency… Read More »ATTORNEYS IN SOUTH AFRICA TO ASSIST WITH INSOLVENCY
THINGS YOU MAY NOT HAVE KNOWN ABOUT FILING FOR BANKRUPTCY IN SOUTH AFRICA Basic information on filing for bankruptcy in South Africa is available on the Internet. But rather than relying on hearsay or generic articles, seek legal advice from experienced insolvency attorneys. Voluntary sequestration is governed by the Insolvency Act and is a legal process. You need professional legal help throughout the process. We… Read More »FILING FOR BANKRUPTCY IN SOUTH AFRICA
COST OF LIQUIDATING A COMPANY VERSUS RISK OF PERSONAL LIABILITY You don’t start a business thinking you will have to liquidate it a few months down the line but the business world is extremely competitive. Add the high costs of labour and non-paying clients and there is a risk of a business becoming insolvent. Due to misconceptions regarding the cost of liquidating a company, directors… Read More »COST OF LIQUIDATING A COMPANY