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Insolvency
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Liquidation
Sequestration
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Insolvency is a financial condition that occurs when a person or a company's liabilities (debts) exceed their assets ('balance-sheet' insolvency), or when debt obligations can no longer be met on time as they become due ('cash-flow' insolvency).
Sequestration is a process for declaring a natural individual bankrupt or insolvent - an insolvent person has his property administered by a court-appointed trustee who liquidates the person’s estate so that creditors can be paid. Creditors are no longer able to pursue the insolvent directly.
In terms of South African Insolvency Law, a natural person, a married couple’s joint estate, a trust, a partnership or a deceased estate are sequestrated while a company or close corporation is liquidated.
Please contact us for more information, or for an appointment to discuss your situation.
Sequestration is a process for declaring a natural individual bankrupt or insolvent - an insolvent person has his property administered by a court-appointed trustee who liquidates the person’s estate so that creditors can be paid. Creditors are no longer able to pursue the insolvent directly.
In terms of South African Insolvency Law, a natural person, a married couple’s joint estate, a trust, a partnership or a deceased estate are sequestrated while a company or close corporation is liquidated.
Please contact us for more information, or for an appointment to discuss your situation.
• Sequestration of individuals and Trusts. We act for clients that wish to sequestrate
• Liquidation of Corporations and Companies. We act for shareholders and directors of companies who wish to liquidate such companies
• Rescission of Deregistered Companies. This process allows clients to act against deregistered companies.
• Rehabilitation of Sequestrated persons. This is a process whereby an insolvent may be declared to be no longer insolvent.
GD FICQ's INSOLVENCY related services include:
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