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VOLUNTARY LIQUIDATION

We have a 100% success rate on liquidations!

VOLUNTARY LIQUIDATION

We have a 100% success rate on liquidations!

Liquidation Definition  

When it is foreseeable that your company / close corporation will not be able to pay its creditors as they fall due in the ensuing 6 months, there is a legal obligation on you to liquidate the company.

LIQUIDATION  DEFINITION

When it is foreseeable that your company / close corporation will not be able to pay its creditors as they fall due in the ensuing 6 months, there is a legal obligation on you to liquidate the company.

CORPORATE DEBT

You have already tried the following:

N

Renegotiate Payment to Creditors

N

Refinance Debt Obligations

N

Trade out of the Problem

N

Get Investors on Board

N

Sell Shares

N

Default on Taxes

N

Downsize the Company

N

Sell-off Personal & Businesses Assets

N

Borrow from Family & Friends

iT’s time to act!

BUSINESS RESCUE

When your company is salvageable, you can apply for Business Rescue under the new Companies Act. This places a general moratorium over all creditors.

COMPROMISE

The purpose of a Section 311 compromise is to reach a binding agreement between the shareholders and creditors of the company.

TAX RELIEVE APPLICATION

When your company is salvageable, but taxes owing to sars are unmanageable you can apply for a temporary or permanent write-off of the tax liability.

LIQUIDATION

When it is foreseeable that your company / close corporation will not be able to pay its creditors as they fall due in the ensuing 6 months, there is a legal obligation on you to liquidate the company

iT’s time to act!

BUSINESS RESCUE

When your company is salvageable, you can apply for Business Rescue under the new Companies Act. This places a general moratorium over all creditors.

COMPROMISE

The purpose of a Section 311 compromise is to reach a binding agreement between the shareholders and creditors of the company.

TAX RELIEVE APPLICATION

When your company is salvageable, but taxes owing to sars are unmanageable you can apply for a temporary or permanent write-off of the tax liability.

LIQUIDATION

When it is foreseeable that your company / close corporation will not be able to pay its creditors as they fall due in the ensuing 6 months, there is a legal obligation on you to liquidate the company

WILL THE COMPANY OR CC LIQUIDATION BE SUCCESSFUL?

His Honorable Appellate Judge Zullman has made the statement that if a company is not successful, you have the obligation to ‘take it to the grave’. The Court will consider the position of employees, creditors, shareholders, as well as the benefit/disadvantages that would hold for the trading environment when considering if a company should be liquidated. Furthermore, certain formalities need to be complied with. Creditors obviously have a right to oppose the liquidation.

 

WILL THE COMPANY OR CC LIQUIDATION BE SUCCESSFUL?

His Honorable Appellate Judge Zullman has made the statement that if a company is not successful, you have the obligation to ‘take it to the grave’. The Court will consider the position of employees, creditors, shareholders, as well as the benefit/disadvantages that would hold for the trading environment when considering if a company should be liquidated. Furthermore, certain formalities need to be complied with. Creditors obviously have a right to oppose the liquidation.

 

Frequently asked questions 

Get immediate answers to your questions 

Frequently asked questions 

Get immediate answers to your questions

LIABILITY OF MEMBERS AND DIRECTORS

LIABILITY UNDER COMPANIES ACT

The new Companies Act No. 71 of 2008 came into effect on May 1, 2011. Before the New Law came into effect, the Old Companies act placed no direct obligation on directors and members when a company / CC was in financial problems.

Section 129(7) of the New Act (As amended by Section 82 of Act 3 of 2011) provides that if the directors of a company have reasonable grounds to believe that the company is in financial distress, they must either:

  1. Place the company under “Business Rescue”, or;
  2. Liquidate the company, or;
  3. Send a notice to all shareholders, creditors, employees and trade unions that the company is in financial problems and give reasons why the company is not liquidated or placed under Business Rescue.

If the above are not met, it is a criminal offense. Directors / Members may no longer “just wait and see”, they must do something about it.

LIABILITY OF MEMBERS AND DIRECTORS

LIABILITY UNDER COMPANIES ACT

The new Companies Act No. 71 of 2008 came into effect on May 1, 2011. Before the New Law came into effect, the Old Companies act placed no direct obligation on directors and members when a company / CC was in financial problems.

Section 129(7) of the New Act (As amended by Section 82 of Act 3 of 2011) provides that if the directors of a company have reasonable grounds to believe that the company is in financial distress, they must either:

  1. Place the company under “Business Rescue”, or;
  2. Liquidate the company, or;
  3. Send a notice to all shareholders, creditors, employees and trade unions that the company is in financial problems and give reasons why the company is not liquidated or placed under Business Rescue.

If the above are not met, it is a criminal offense. Directors / Members may no longer “just wait and see”, they must do something about it.

LIABILITY UNDER TAX ADMINISTRATION ACT 

On 1 October 2012, the Tax Administration Act was promulgated. Referred to the TAA for short. Under the TAA, Directors, Members, Internal Bookkeepers, External Auditors are all liable for the companies outstanding taxes. Sars can issue a civil and criminal summons in this instance. Should you be behind on your taxes it is a serious matter and will need to be dealt with rather urgently to try and mitigate these risks.

Please consult with us to find out what legal recourses are to your disposal.

VOLUNTARY LIQUIDATION

When it is foreseeable that your company / close corporation will not be able to pay its creditors as they fall due in the ensuing 6 months, there is a legal obligation on you to liquidate the company.

faq

If you are interested in more info please read our FAQ’s or make an appointment with us. Remember your first-hour appointment is free.

VOLUNTARY LIQUIDATION

When it is foreseeable that your company / close corporation will not be able to pay its creditors as they fall due in the ensuing 6 months, there is a legal obligation on you to liquidate the company.

faq

If you are interested in more info please read our FAQ’s or make an appointment with us. Remember your first-hour appointment is free.

Danie Potgieter Attorneys

Tel- 010 286 1966
Fax- 012 663 5627
[email protected]

 

Lytteltown Office Park,
Ground Floor, Building C
1 Shelanti Street, Centurion, Gauteng

GPS-COORDINATES 
South 25.50.933
East 028.11.680

Danie Potgieter Attorneys

Contact

Tel- 010 286 1966
Fax- 012 663 5627
[email protected]

GPS-COORDINATES 
South 25.50.933
East 028.11.680

Address

Lytteltown Office Park,
Ground Floor, Building C
1 Shelanti Street, Centurion, Gauteng

Danie Potgieter Attorneys

Contact

Tel- 010 286 1966
Fax- 012 663 5627
[email protected]

Address

Lytteltown Office Park,
Ground Floor, Building C
1 Shelanti Street, Centurion, Gauteng

GPS-COORDINATES 
South 25.50.933
East 028.11.680