In short the insolvent’s legal status is restored to that of being solvent as if he/she has never been declared insolvent.
This means that:
You start with a completely new and “clean” credit record.
You will need to open an account with a registered credit provider in order to rebuild a new credit record.
You will be able to obtain credit again which can be of importance when you are of the intention to buy a house or finance a vehicle.
As soon as you are rehabilitated you my function as a company’s director.
You will be able to open a bank trust account again should your occupation require so.
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Insolvency Care is the spearhead
company for a national panel of
attorneys who specialise in
sequestrations, rehabilitations
and company liquidations.
Waterford Court, Block A, Unit 6
C/o Glover Avenue & Rabie Street
234 Glover Avenue, Hoewes
Centurion
Email: legal@insolvencycare.co.za
Tel: 073 071 3809