HOW TO START THE PROCESS FOR DECLARING INSOLVENCY AS AN INDIVIDUAL Declaring insolvency as an individual in South Africa is a way out if debts have piled up. But to do so, you must be able to prove that you are cashflow and asset insolvent. WHAT IS CASHFLOW INSOLVENT? You cannot pay debts when they are due. Your income is insufficient to pay living expenses… Read More »DECLARING INSOLVENCY AS AN INDIVIDUAL
ARE YOU FACING DEBT JUDGEMENTS? SEEK HELP FROM INSOLVENCY ATTORNEYS IN SOUTH AFRICA Imagine a scenario where you lose your main source of income and suddenly cannot make debt payments. Your credit card payments fall behind, and the bank retracts the overdraft facility. The amount you owe is enough to cause sleepless nights. You need professional help from insolvency attorneys in South Africa. In an… Read More »INSOLVENCY ATTORNEYS SOUTH AFRICA
TROUBLE WITH CREDITORS: WHAT ARE YOUR INSOLVENCY OPTIONS? If your liabilities exceed your assets and you are unable to pay debts when due, you are insolvent. At this stage, it is important to consider your insolvency options and how such affect your financial status. SELL YOUR ASSETS Should you have sufficient assets to sell and cover the debts, it is one of the better insolvency… Read More »INSOLVENCY OPTIONS
SEQUESTRATION ATTORNEYS: CRUCIAL FACTS EVERYONE SHOULD KNOW ABOUT REHABILITATION Sequestration rehabilitation attorneys assist clients who have been sequestrated and wish to regain control over their financial estates. To understand the significance of rehabilitation, let us consider the effects of sequestration first: Sequestration also has its downside. Because of the impact on the insolvent’s legal capacity, it should be the last resort in dealing with mountains… Read More »SEQUESTRATION REHABILITATION ATTORNEYS
HOW TO CLEAR YOUR NAME AND START FRESH: BASICS OF SEQUESTRATION REHABILITATION COSTS Sequestration provides a means to get rid of debt fast. However, the diminished legal capacity that follows can hinder your ability to enter credit agreements, rent a house, or fill a director position. Being free from the debt nightmare provides you with a fresh start. But at one or other stage, regaining… Read More »SEQUESTRATION REHABILITATION COSTS
5 BENEFITS OF BEING DEBT-FREE: CONVINCING REASONS TO PAY OFF ACCOUNTS With millions of South Africans caught up in the credit cycle, why should you become debt-free? Benefits far outweigh the cons of living a life free of creditor harassment and the constant fear of not being able to make monthly instalments. Let us look at the top benefits of being debt-free, helping you to… Read More »DEBT FREE BENEFITS
THE BASICS OF HOW INSOLVENCY AND LIQUIDATION RELATE TO YOUR BUSINESS DEBT Insolvency and liquidation are frequently used interchangeably. However, though both words apply to bankruptcy proceedings, there are distinctions as explained below. DIFFERENCE BETWEEN INSOLVENCY AND LIQUIDATION Insolvency is a monetary state. A company can be insolvent, but not yet liquidated. If the commerce liabilities exceed the assets, then the business is insolvent. But,… Read More »INSOLVENCY AND LIQUIDATION
HOW LONG DOES LIQUIDATION OF A COMPANY TAKE IN SOUTH AFRICA? If your business is failing, then you have a legal responsibility to take action in saving it or liquidating it. Indeed, unlike with an individual where the individual must have sufficient assets to ensure that sequestration can provide for enough benefits for the creditors and payment of the sequestration process, a company does not… Read More »HOW LONG DOES LIQUIDATION OF A COMPANY TAKE?
SPECIALIST INSOLVENCY LAWYERS ON COMPLEX SEQUESTRATION ISSUES Voluntary sequestration is a legal process whereby you can apply to be declared bankrupt. Since it involves a court application, you need the help of specialist insolvency lawyers to handle the process. However, with many legal pitfalls to avoid when dealing with creditors, it is best to seek legal advice from such specialist insolvency lawyers even before you… Read More »SPECIALIST INSOLVENCY LAWYERS
BASICS OF VOLUNTARY SEQUESTRATION – INSOLVENCY ACT IN SOUTH AFRICA The sequestration act in South Africa is called the Insolvency Act No 24 of 1936. If you consider voluntary sequestration as a means to become debt free in South Africa, it is essential to become familiar with stipulations of the Insolvency Act. To this end, we recommend speaking to our insolvency attorneys who can explain… Read More »SEQUESTRATION ACT IN SOUTH AFRICA