Insolvencies/Liquidations and Rehabilitations
Reliable insolvency attorneys to assist with liquidations rehabilitations and more
Are you or your business:
- targeted by creditors?
- in serious financial trouble?
- stressed and not sure how to resolve it?
- Left dry by creditors?
Etienne Genis Attorneys can help you! We have a team of professional insolvency attorneys who have extensive experience in the liquidation and sequestration of insolvent businesses and individuals.
In terms of the South African Insolvency Law, a natural person, a trust, a partnership, a deceased estate and a married couple’s joint estate are sequestrated while a company or close corporation is liquidated.
Let us help you assess whether liquidation or sequestration is a viable option.
Our services pertaining to insolvency matters include:
As your insolvency attorneys, we will take on your case from start-to-end and guide you through the whole process. We specialise in:
Sequestration:
When an individual is declared insolvent, he is sequestrated, and a curator is appointed to take control of his assets for the purpose of realising them in order to settle his debt to the advantage of his creditors.
There are two types of sequestrations:
- Compulsory sequestration applies to debtors that cannot pay off debts, therefore resulting in credit providers applying to have the debtor’s estate sequestrated.
- Voluntary sequestration refers to debtors who willingly apply to the High Court for the sequestration of his own estate.
Liquidations:
When it is foreseeable that your company will not be able to pay its creditors in the ensuing six months, there is a legal obligation on you to liquidate the company. A liquidator will be appointed to realise the assets of the company in order to settle the company’s debt or liabilities to the advantage of the creditors.
In liquidation applications you must establish commercial insolvency. This means an inability to pay debts as and when they are due in the ordinary course of business.
Just as in the case of sequestration, you also get two methods of liquidations:
- Compulsory liquidation by the court
- Voluntary liquidation by a creditor or a member/shareholder
Rehabilitation:
Rehabilitation is a legal process which happens automatically, in some instances, or by order of the High Court of South Africa, whereby the insolvent is relieved of the legal implications of being insolvent and restored to a legal position of someone who is / was not declared insolvent.
For more information about your specific situation, and to find out how we can assist, you are welcome to contact us directly.