HOW TO START THE COMPANY LIQUIDATION PROCESS IN SOUTH AFRICA As an individual, you can only apply for voluntary sequestration in South Africa if you own immovable property or have other large assets that are not encumbered by debt, to ensure that there is enough benefit for the creditors. However, if you own a business, you can apply for liquidation of the business, regardless of… Read More »COMPANY LIQUIDATION PROCESS IN SOUTH AFRICA
Bankruptcy vs Insolvency and How It Applies to You Understanding bankruptcy vs insolvency will help you get a better idea of what liquidation entails. Insolvency comes before liquidation or bankruptcy. That being said, a business can be liquidated voluntarily by its directors, members, or shareholders, even if it is profitable and solvent. This can be done once a business has served its purpose and is… Read More »BANKRUPTCY VS INSOLVENCY
A Few Tips on How to Get Out of Debt Over-indebtedness is more widespread in South Africa now than at any time previously. Having enjoyed the boom years of an economy when credit was freely available and far less costly, it has been all too easy to develop the habit of buying things now and only paying for them later. Almost overnight, a global economic… Read More »HOW TO GET OUT OF DEBT
You Could get Professional Help to Get Out of Debt There can be few situations in life more stressful than that of being faced with a mountain of bills whilst being quite certain that you have no means with which to settle them all. It is bad enough to accept that the family car or flat-screen TV could be repossessed, but when you can no… Read More »GET HELP AND GET OUT OF DEBT
Understanding why Liquidations are more helpful than one may believe There is a fairly widespread tendency for people to view liquidations as marking the end of a venture and a sign that a man or woman has tried hard to make a success of a business but, in the end, has had to accept failure. In practice, however, although trying and failing may provide a… Read More »LIQUIDATIONS
Sequestration and Rehabilitation Offers an Effective End to Debt Worries On any night in any South African town or city, there are likely to be hundreds and, in some cases, thousands or even tens of thousands of citizens who are unable to sleep. Their insomnia is not due to any medical cause, but the result of incessant worries about how they are going to pay… Read More »SEQUESTRATION REHABILITATION
Many myths surround sequestrations and becoming informed about the topic will help you make an informed decision as to whether sequestration is the best debt solution for you. We have explained sequestrations by means of answering some of the frequently asked questions on the topic below. Can I still emigrate or at least travel overseas if I have been sequestrated? Yes, you still qualify for… Read More »SEQUESTRATIONS EXPLAINED IN LAYMAN’S TERMS
Some of the questions you may have regarding liquidation are briefly answered below. We recommend making an appointment with our attorney and consultant team to discuss each of the issues in-depth. WHAT HAPPENS TO MY COMPANY’S OVERSEAS ASSETS? The off-shore assets form part of the liquidation account and the liquidator has the power to decide what to do with the assets. The liquidator or appointed… Read More »NEED LIQUIDATION HELP? YOUR QUESTIONS ANSWERED
If you are looking for debt-free solutions, you may be tempted to opt for a debt consolidation loan. However, the keyword here is loan. You are thus still in debt, just to a single creditor. With this option, you may also be tempted to keep on using your store and credit cards, which will lead to more debt. We thus recommend looking for debt-free solutions… Read More »WHICH DEBT-FREE SOLUTION WILL WORK FOR YOU?
Some of the questions you may have regarding voluntary sequestration to become debt-free are briefly answered below. Can a creditor attach my salary or take part of it if I voluntarily sequestrate? No. The appointed trustee, however, can attach part of your monthly salary for payment of the outstanding amount after the sale of assets and distribution of benefits to the creditors, but will still… Read More »ANSWERS TO YOUR SEQUESTRATION CONCERNS IN SOUTH AFRICA