Voluntary Sequestration South Africa
If you have ever wondered why someone would voluntarily sequestrate themselves, you have never really experienced financial difficulties.The process of Voluntary Sequestration South Africa is a fairly simple process whereby the debtor brings an application for voluntary sequestration in a South African High Court with the assistance of both advocate and an attorney.
The process of Voluntary Sequestration South Africa is a fairly simple process whereby the debtor brings an application for voluntary sequestration in a South African High Court with the assistance of both advocate and an attorney.As previously mentioned one typically only start thinking about voluntary sequestration when you have run out of other ideas of how to halt your rapidly decaying financial situation.
As previously mentioned one typically only start thinking about Voluntary Sequestration South Africa when you have run out of other ideas of how to halt your rapidly decaying financial situation.What debtors should remember however that the processes of voluntary sequestration in South Africa
What debtors should remember however that the processes of Voluntary Sequestration South Africa entails that you have enough equity in your estate to provide a minimum benefit for your creditors. This benefit has been established by law to be no less than 20c on each rand. That means if you owe a creditor a R100 you would need to repay him at the very least R20 thereof.
Furthermore, the National Credit Act along with the Insolvency Act of 1936 has determined the exact process to be followed for Voluntary Sequestration South Africa. South Africa, as every country and in many instances states has their own legislation around this aspect as this specific debt remedy could have severe negative impact on the economy of a country or state.
For this reason the South African High Courts still take a lot of steps to ensure that the debt remedy of voluntary sequestration or better known as the voluntary surrender of your estate to the High Courts of South Africa is only used in the instances where no other available debt remedy could be or have been successful in restoring a debtor’s financial calamity.
From us at Insolsure we can assure you of professional service throughout the entire process of Voluntary Sequestration South Africa. We have been the chosen insolvency practitioner in South Africa since 1999 and look forward to building our reputation as the leading insolvency specialist in the industry throughout South Africa.
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