Our legal team at M M Fuchs offer advice on the prevention of Insolvencies, Sequestration and Liquidation or assist with launching applications in this respect, from both the Magistrate’s Court and the High Court. We strive to negotiate the most favorable returns and in the process minimizing loss.
What are the requirements?
Voluntary Sequestration This is where a debtor applies to court for the sequestration for his own estate. Compulsory Sequestration This is where a creditor applies to court for the sequestration of his debtor's estate. Liquidation Companies may be liquidated by the court for a variety of reasons in terms of Section 344 of the Companies Act. Rehabilitation Subject to complying with certain requirements, an insolvent can be rehabilitated. Generally this can happen four years after the date upon which the insolvent's estate was sequestrated. Rehabilitation however occurs automatically upon the expiry of ten years from the date of sequestration. In other instances an application to the High Court is needed. There are various factors that the court would consider before granting a rehabilitation order.
