Uncategorized

South African insolvency law makes provision for the voluntary sequestration of an individual. The individual’s attorneys apply to the High Court on behalf of the applicant to declare the individual bankrupt. The individual’s estate is surrendered to the Master of the High Court, who appoints a trustee to take over control of the surrendered estate. The trustee must oversee the sale of assets and distribution… Read More »SOUTH AFRICAN INSOLVENCY LAW ON SPECIFIC ISSUES OF VOLUNTARY SEQUESTRATION

It is essential to seek legal guidance should you want debt relief through voluntary sequestration. To this end, some questions about insolvency in South Africa are briefly answered below, helping you to make an informed decision about debt management. WHAT WILL HAPPEN TO MY MONTHLY UTILITY ACCOUNT WHEN I SEEK DEBT RELIEF THROUGH VOLUNTARY SEQUESTRATION? It is a service account, and as long as you… Read More »ANSWERS ON QUESTIONS ABOUT DEBT RELIEF THROUGH VOLUNTARY SEQUESTRATION

INSOLVENCY MATTERS — CAN YOU GET CREDIT AFTER SEQUESTRATION? If you are struggling to pay your debt and your liabilities far-exceed your assets, you may qualify for voluntary sequestration. However, you are concerned that should you apply for voluntary sequestration, you might not be able to get credit after the effect. To help you make an informed decision regarding your financial affairs, we thus answer… Read More »CAN YOU GET CREDIT AFTER SEQUESTRATION?

WHICH DEBT SOLUTIONS IN SOUTH AFRICA WILL WORK FOR YOU? If you are looking for workable debt solutions in South Africa, you have probably considered debt review, administration, and debt consolidation loans. With debt consolidation loans normally carrying high interest rates, they often add to the debt burden instead of helping you to get rid of debt. Administration is only applicable if the debt amount… Read More »DEBT SOLUTIONS IN SOUTH AFRICA

WHAT IS THE ROLE OF THE INSOLVENCY LAWYER REGARDING VOLUNTARY SEQUESTRATION IN SOUTH AFRICA? Many South Africans are unable to pay their debts and are looking for debt solutions. One such a solution is voluntary sequestration, wherein an insolvency lawyer applies on behalf of the insolvent party to have the party declared bankrupt. The party’s estate is surrendered and the assets sold on auction. A… Read More »INSOLVENCY LAWYER

QUESTIONS ABOUT VOLUNTARY SEQUESTRATION IN SOUTH AFRICA Voluntary sequestration in South Africa is a legal process whereby you apply to court to be declared bankrupt. It enables you to regain control over your finances and to get rid of up to 80% of your debt in a short period. The creditors must at least receive 20 cents out of the rand and this means that you only… Read More »VOLUNTARY SEQUESTRATION IN SOUTH AFRICA

WHAT TO AVOID BEFORE AND DURING AN APPLICATION FOR VOLUNTARY SEQUESTRATION IN SOUTH AFRICA It is better to lodge a formal application for voluntary sequestration in South Africa than wait for creditors to apply for your estate’s sequestration. In the latter instance, creditors are more likely to take aggressive legal steps in order to get payment for debt owed and it may be more difficult… Read More »APPLICATION FOR VOLUNTARY SEQUESTRATION

HOW DOES VOLUNTARY SEQUESTRATION WORK IN TERMS OF ASSETS? We briefly discuss how voluntary sequestration works in terms of various assets, helping you to make an informed decision regarding your financial future. How does voluntary sequestration work in terms of immovable property? Immovable property is included in the surrendered estate. It is valued and sold on auction by a court-appointed curator. You will have sufficient… Read More »HOW DOES VOLUNTARY SEQUESTRATION WORK

FINDING DEBT SOLUTIONS FOR YOU Are you struggling to pay your creditors? Do you dread answering the phone because it can be an attorney or creditor demanding payment? Looking for debt solutions for you? If you have substantial debt and are unable to pay the creditors, you will need a long-term solution. A debt consolidation loan can only work if it is sufficient to cover… Read More »DEBT SOLUTIONS FOR YOU

WHAT IS VOLUNTARY SEQUESTRATION? YOUR QUESTIONS ANSWERED If you have any questions or doubts about voluntary sequestration, we briefly answer some of your questions regarding insolvency and related debt issues below. WHAT IS VOLUNTARY SEQUESTRATION? It is a legal process whereby you apply to court to be officially declared bankrupt. WHAT ARE THE REQUIREMENTS FOR VOLUNTARY SEQUESTRATION? WHAT IS VOLUNTARY SEQUESTRATION WITHOUT IMMOVABLE PROPERTY? It… Read More »WHAT IS VOLUNTARY SEQUESTRATION?