The Age of Sequestration Sequestration is almost as old as mankind itself. In difficult times the Jews had a law in terms whereof a creditor was obliged to write of a debtor’s debt if the debtor was unable to pay the creditor within a period of seven years. This was known as “the year of…

Sequestration Definition Voluntary Sequestration Process is a legal process by which you are declared insolvent by an order of the High Court of South Africa. The effect of a sequestration order is that your debts (in layman’s terms) are written off. In legal terms, your debt vests on a Trustee, that needs to sell your…

Sequestration Process The sequestration process is laid out in the Insolvency Act and has very clear guidelines about formalities that needs to be adhered to before you can bring a sequestration application. All of the formalities are however handled by your Attorney.   TO GO UNDER SEQUESTRATION THE FOLLOWING NEEDS TO BE DONE: 1. Consult…

VOLUNTARY LIQUIDATION DEFINITION The word voluntary liquidation refers to the fact that either the members of a CC / Directors of a company can liquidate the company by way of a voluntary liquidation.  The creditors of a company can also liquidate a company via a voluntary liquidation.  It is interesting to note that there are indeed…

SEQUESTRATION ATTORNEYS When you owe money and the realization that you are unable to pay your debt settles in, you would normally go through the following phases: You try to raise additional finance. You consider ways and means to increase your income. You cut all luxuries from your budget and you eventually cut necessities from your budget.…

LIQUIDATION PROCESS The liquidation process can be broken down into three separate processes. PRIOR TO THE LIQUIDATION PROCESS In the first instance, you must determine whether liquidation is indeed the correct option.  To determine this, you should consider a lot of other factors whether your company will lose its vendors listing, BEE status, long term…

DEBT CONSOLIDATION LOANS Debt Consolidation Loans are widely used in South Africa. Many consumers in South Africa consolidate debt because they think it would ease the monthly debt installments. What is Debt Consolidation Loans Simply put, it is a loan that combines all debt loans, into one consolidated loan with a financial institution. Problems with Debt Consolidation…