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INSOLVENCY - LEVERAGE TO GET RID OF CREDITORS AND EMPOWER YOU TO MOVE FORWARD
"ALLOSTASIS" - the ability to achieve stability through change. Insolvency is the same.
- Insolvency, a solution to unmanageable debt:
- Judgment stands for THIRTY years, insolvency for FOUR
- If your creditors take your assets, you remain liable for the balance
- If you sequestrate, you use your assets as leverage to get rid of creditors completely
- You can stay in the property for free until it is sold
- You can carry on with your business
- You can buy your assets back
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"Assistance for people in bad debt
 Our aim is to assist you through a difficult period, so that you are able to carry on with your life with the least inconvenience. We also look at your future and will give you the best advice to leave you protected during your new life. The majority of our practise is aimed at people with too much debt, so we understand the psychological effect of debt.
Our website explains the process in detail.
www.empowerlaw.co.za" |
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INSOLVENCY ACT
The Insolvency Act is available to any South African citizen. It is everyone's avenue to legally have debt written off, get the help each person deserves and become debt free. It is the best debt advice we can give anybody. If you do not qualify for debt counselling, or if the repayment period under debt counselling will take too long, or if your creditors are becoming too much with their debt collection procedures, the Insolvency Act is available to you; use it to become free of debt.
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INSOLVENCY IS AN EXIT STRATEGY from an over-burdened situation which weighs you down. If you are fearful about making the decision whether to close the business down or not, remember this: insolvency is a way out and it is exactly what you may need to keep you going. A paradox yes, but that is the irony of insolvency.
Minimizing money problems will re-install your confidence and clear your head . Too much debt drains your creative energy and productivity. |
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THE PROCESS OF SEQUESTRATION:
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A PROVISIONAL APPLICATION – a provisional order is granted
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B The matter is postponed for one month (return date) to allow creditors to oppose the application
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C On the return date, the Provisional Order is made final, the person is now sequestrated
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D Trustee/Curator appointed by the Master of the Supreme Court (The Curator is tasked with selling the assets, paying the creditors and reporting to the Master
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E Creditors paid. Balances not recovered WRITTEN OFF.
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F NO MORE DEBT TO PAY
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