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 assets and distribute the proceeds according to The Insolvency Act, Act nr: 24 of 1936 (South Africa)” the Insolvency Act.
A Sequestration Application can be brought in 3 ways, namely: a Voluntary Sequestration, Friendly Sequestration or by way of a Hostile Sequestration Application.
The Applicant for Voluntary Sequestration
With a voluntary sequestration application, you are the applicant that brings the sequestration application. If you are married in community of property, there is only one communal estate, and thus you and your spouse are the first and second applicants respectively. If on the other hand you are married out of community of property, you have to decide if just yourself and/or your spouse needs to apply for voluntary sequestration.
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