Insolvency Law

Welcome to our Insolvency Division. We specialize in various debt solutions, including bankruptcy applications, also commonly referred to as voluntary surrenders or sequestrations with regards to individuals and liquidations with regards to entities such as Close Corporations and Companies. Our Internet based infrastructure enable us to assist clients anywhere in South Africa.

Our prospective clients are requested to complete an excel spreadsheet to enable us to do a complete debt analysis free of charge. Once we receive the excel spreadsheet back, you will be considered a client of our law firm. Any information and all communications received from you will be protected by attorney - client privilege under South African law, and will therefore be treated confidentially. It may not be divulged to a third party without your consent.

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Some people are of the opinion that the term ‘Bankrupt’ originated from the Italian term ‘banco rotto’, which means ‘broken bench’, as it was common for the bankers of that time to use a bench in public places such as markets to do business, count their money and to write bills of exchange on.

Whenever a banker failed, he broke his bench in order to inform the public that his “bank” was no longer in business, as he was bankrupt.

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(in terms of the Insolvency Act, Act 24 of 1936)

Several clients have requested us to provide them with a brief explanation of the procedure to be followed in filing for bankruptcy. This is an attempt to do so specifically for our clients or prospective clients chose this route as a debt solution, from our administrative viewpoint, bearing in mind all the relevant time constraints. We also included the relevant sections of the Insolvency Act for easy referral and convenience.

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Debt Payment on Credit: This is merely a short-term solution and should only be used if the insolvency is temporary of nature. Existing lines of credit are used to borrow money or to free up other funds to pay off overdue creditors in order to avoid bankruptcy. Although it creates new liabilities, new extended payment deadlines are obtained.

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