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Voluntary sequestration is an application that is done to the High Court to surrender your estate (assets and liabilities) to creditors in the hands of the Master of the High Court and be declared insolvent/bankrupt.

The Master will then appoint a Trustee to take control over the entire estate, whom must realise your assets according to the Insolvency Laws of South Africa and distribute the proceeds to creditors after the administrative costs have been paid.

Is Voluntary sequestration for me?

Factual Solvency Test

Do your liabilities exceed your assets?

You need to determine for what value you can realise assets, if at all. If there is enough equity in an asset that you can sell to cover your debts, then that is what you should do.

If however, you do not have any assets or equity in an asset that you can realise, then you will need to consider if your income exceeds your expenses to such a degree that you can eventually get out of debt

commercial Solvency Test

Do your expenses exceed your income?

If your expenses are more than your income, taking into account your normal monthly expenses as well as repayments to creditors, then you will fall further into the debt trap.

Some sequestrate because of sureties that were signed or because their income has been reduced or they lost their employment and they can not repay creditors

Is Voluntary sequestration for me?

what to expect

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