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Requirements for Rehabilitation after Bankruptcy in South Africa  Rehabilitation after bankruptcy in South Africa is automatic after a period of ten years has lapsed. However, it is possible to be financially rehabilitated sooner if the insolvent party submits an application to this effect to the High Court. In essence, rehabilitation after bankruptcy in South Africa is a legal process whereby the insolvent party is relieved… Read More »REHABILITATION AFTER BANKRUPTCY IN SOUTH AFRICA

Debt Rehabilitation Help to End Sequestration in South Africa  If you have been sequestrated, you will know that, while under sequestration, you cannot be a director of a company, cannot apply for a liquor license, must disclose your sequestration status, and get permission from the curator or trustee before you enter into a credit agreement. In effect, your financial affairs in the surrendered estate are… Read More »DEBT REHABILITATION HELP

The Process of Financial Rehabilitation after Sequestration in South Africa  Financial rehabilitation after sequestration in South Africa is a legal process by order of the court, whereby the insolvent party’s status of “bankrupt” or “insolvent” is removed. Rehabilitation, according to the Insolvency Act of South Africa, is automatic after a period of ten years, if the insolvent party does not apply to the court before… Read More »FINANCIAL REHABILITATION

Five Important Characteristics of Debt-Free Living  Though the thought of voluntary sequestration may be scary, it is one way to break free from the debt cycle. Once debt-free, it is important to develop certain characteristics, which will eventually become part of your lifestyle, allowing you to stay free from the control that debt has over your life. Let us look at some of the important… Read More »CHARACTERISTICS OF DEBT-FREE LIVING

Five Sure-Fire Tips to Live Debt-Free  If you are currently struggling to pay your home loan, cannot keep up with vehicle finance instalments, are concerned about the interest on your credit cards, and juggle between accounts to service store accounts then it is time for a change. You can live debt-free by following the tips below. Look around the house. Many of the items bought… Read More »TIPS TO LIVE DEBT-FREE

INSOLVENCY LAWYERS TO ASSIST WITH REHABILITATION AFTER SEQUESTRATION IN SOUTH AFRICA Rehabilitation is a legal process whereby you apply to the High Court of South Africa to be relieved from your insolvent status. The effect is that you will regain the legal status you had before the sequestration. Your credit record will show that you have been rehabilitated and are no longer under sequestration. Unless… Read More »INSOLVENCY LAWYERS

ISSUES REGARDING LIQUIDATION OF YOUR BUSINESS If a creditor wants to bring an application for liquidation of your company, the creditor must be able to prove that it would be fair and just to liquidate your company. The creditor must prove that your company is insolvent and thus unable to pay its debts. If you want to bring a voluntary application for liquidation of your… Read More »LIQUIDATION

HOW TO START WITH THE VOLUNTARY LIQUIDATION APPLICATION PROCESS The liquidation application process, unlike with the sequestration application process, does not require a business to have cash or assets sufficient to ensure that the sale thereof can provide for the minimum benefit to creditors and pay for the liquidation process. This is so because, according to the regulations of the Companies Act and the Trust… Read More »LIQUIDATION APPLICATION PROCESS

LIQUIDATION AS ONE OF THE DEBT SOLUTIONS THAT WORK FOR A COMPANY If your business is in trouble, it is essential to take proactive steps in seeking debt solutions that work. Business rescue is one such a debt solution that can work very well. However, if it is not a viable way to save the business, it is time to apply for voluntary liquidation. Perhaps you have… Read More »DEBT SOLUTIONS THAT WORK

BASICS REGARDING THE VOLUNTARY LIQUIDATION OF A COMPANY Unlike with the sequestration of an individual, with the voluntary liquidation of a company, the business does not require cash or assets that are sufficient to ensure sale thereof will be enough to provide for minimum benefit to creditors. If the liabilities of the company exceed the business assets, the business is insolvent and according to the… Read More »LIQUIDATION OF A COMPANY