Insolvencies
“Insolvency is temporary not permanent. It is a virtue to start a new financial planning page. It is a small price to pay for future financial freedom and success. Let us assist you.”
– MW Nothnagel
Insolvencies include the following:
- Liquidation of Companies and Close Corporations
- Sequestrations of debtors
- Voluntary Surrender of Estates (which is often also referred to as Sequestrations)
More about Insolvencies
We assist clients in financial distress in advising on Debt Review and Business Rescue procedures and to make sure that, should the client decide on these paths, we will refer the clients to the best Debt Counsellors and Business Rescue Practitioners to assist the client in the best possible way.
We advise and assist our clients on Estate Planning to secure assets and guide them on how to use entities such as Trusts to minimize risk. We advise and register Trusts to comply with each client’s individual needs.
LIQUIDATIONS include
Voluntary Liquidation by its creditors on decision of the directors or shareholders, and Liquidation Applications against debtors that are owed large amounts of money. We assist and deal with the advice, applications, investigations (should it be necessary), formal enquiries (should it be necessary) and assisting our clients with attending to the company’s employees in explaining the procedures.
SEQUESTRATION includes
applications against persons to place their estate into sequestration to take control of assets in the hands of the Master and the Trustee to be appointed for the benefit of the creditor. We assist our client, as a creditor, to finalize such application procedure and to assist our client in obtaining and assisting the Trustee to retrieve assets from the debtor/insolvent for the benefit of the creditor (our client).
VOLUNTARY SURRENDER OF ESTATE
(sometimes also referred to as Sequestration) is where our client makes the decision on his/her own that his/her liabilities exceed his/her assets and the client is unable to pay the instalments or arrears. To leave such an issue unattended will result in the interest on overdue accounts to carry on accumulating, legal costs will accumulate with legal procedures that will be instituted and the result is that assets will be taken in execution and sold. The sale of these assets on an execution auction will usually be for the least amount and therefore the remaining balances due to creditors will be still be claimed from the client, resulting in years of agony. Voluntary Surrender of an Estate will assist clients to use their assets in the correct way and get rid of the creditors, without being entangled in years of litigation and sheriffs at their doorstep. We render full assistance with this procedure and stand by our clients throughout this emotional process.
