When businesses in South Africa face liquidation, it's not just a bump in the road – it can hit the business hard. Let's take a deeper look into how this process really shakes things up for businesses, from the financial stress and operational hiccups to damage to their overall reputation, struggles for employees, and the […]
Introduction Sequestration has emerged as a viable option for South Africans seeking a fresh start from overwhelming debt. This article will explore the advantages of sequestration in South Africa, highlighting how it can pave the way towards financial recovery. Legal Protection from Creditors Sequestration is a legal process that offers individuals in South Africa protection […]
Sequestration is a process (defined by the South African Insolvency Act of 1936) that allows you to have your assets liquidated in order to pay off your debt. The Insolvency Act of 1936, which defines the process for both voluntary and compulsory sequestration. Voluntary sequestration - this occurs when you decide to declare yourself bankrupt. […]
If you are considering sequestration as an option it is important to choose the best service provider based on your individual needs. A sequestration company can help you navigate the legal process and ensure that you meet all the requirements to successfully declare yourself insolvent.Choosing the right company can be a challenging task, so we'll […]
A sequestration order is when the court rules that a debtor’s estate must be placed under trustee/curator control for the sale of assets on auction, from which the proceeds are distributed among the creditors to pay off the debt owedThis will only be done if the debtor is insolvent and unable to pay their debts. […]
A sequestration application can be reversed only if notices to the effect have been published in the Government Gazette and the local papers in which the original notice of intention to voluntary sequestrate has been published. In addition, the Master of the High Court must be informed, as well as SARS and the creditors.However, the […]
Apply for debt counselling This gives you the opportunity to sell the property while only paying 80% of the normal payment. You gain valuable time required to realise the maximum value out of the property. Apply for voluntary surrender of estate If there is no value in the property, then voluntary surrender is an option. […]
Debt counselling or debt review can only be afforded by a qualified debt counsellor who is registered with the National Credit Regulator. During the first step, you are required to submit your documentation such as ID, bank statements and to complete an application form for debt counselling. You will then be registered on the NCR […]
Rent-to-own financing comprises of renting a vehicle for a fixed period, after which you become the owner. Usually, buyers put down a deposit and then make repayments.If your current vehicle has been or is about to be repossessed, Clear Future can purchase a vehicle on your behalf. The vehicle product is similar to any normal […]
