Liquidation in South Africa is a formal process used to close a company and address its financial obligations. This guide provides business liquidation advice, explains the company liquidation process in South Africa, and answers common questions like how do I liquidate a company or when can you liquidate a company. HELP ME LIQUIDATE MY COMPANY […]
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Liquidation in South Africa is a formal process where a company closes its doors, and its assets are used to settle debts. Whether the liquidation is voluntary or compulsory, understanding how assets are handled is vital for directors, shareholders, and creditors. This article explores the business liquidation process in South Africa, focusing on how
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Liquidation is the legal process of closing a company that can no longer pay its debts. In South Africa, the legal grounds for liquidation are detailed in Section 344 of the Companies Act, Act 61 of 1973. This article explores when and how a company can be liquidated, focusing on various scenarios prescribed by law.
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Concursus creditorum is a Latin term used in the legal system of South Africa to describe the process of distributing the assets of an insolvent estate among its creditors. It is an important concept to understand if you are involved in liquidation proceedings, either as a creditor or as a company going through the process.
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When a business undergoes liquidation in South Africa, creditors often face uncertainty regarding their outstanding debts. Understanding how the business liquidation process works can help creditors navigate this challenging time more effectively. If your company is struggling to pay debts, including SARS debt, speak to us to learn how liquidation can provide a way to
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If your business is struggling with debt and you are considering liquidating your company, it is crucial to act swiftly. With the right advice and support, like the assistance we as liquidation lawyers provide, it is possible to liquidate and even continue trading. Liquidation is often viewed as a last resort, but it should be
Liquidation of a Business in South Africa: What You Need to Know Read More »
In South Africa, businesses face numerous challenges such as power cuts, inflation, labour disputes, and the lingering effects of COVID-19 lockdowns (believe it or not, some business never recovered from the lock-downs but still tried). These struggles often lead to severe financial strain, which can cause immense stress for business owners. If you are overwhelmed
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In South Africa, both insolvent and solvent companies have the option to do a voluntary liquidation. When a company or close corporation is insolvent, it means the company is unable to pay its debts or its liabilities exceed its assets. When a company is insolvent, it must liquidate in terms of the Companies Act 2008.
Liquidation is a legal process that occurs when a company is brought to an end and a liquidator is appointed to oversee the sale of the company’s assets. This can happen for a variety of reasons, including insolvency, financial difficulties, or a decision by the company’s directors to wind up the business. During the liquidation
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