Sequestration Provides a Cost Effective way to Write off 75% of your Debt
Let Solvendi's legal experts help you through a speedy, simplified, stress-free process
Avoid Personal Liability
Stop Legal Action
Write Off Debt
Increase Cashflow
FREE ASSESSMENT
Each assessment is unique and is conducted by a legal expert to ensure that we attend to the writing off of debt in a strategic way. It provides the foundation for making sound decisions and providing the best possible advice. It includes information with regards to the process itself and how we will manage various issues on your behalf.
DOCUMENTATION
Our attorneys will initiate the process by drafting the legal documentation necessary to write off 75% of debt. This legal documentation must be signed by each applicant - as in the case of a marriage in community of property - and certified by a Commissioner of Oaths. This is the start of the process and to becoming debt free.
LEGAL FILING
We will draw up a Statement of Affairs which is a statement explaining in detail the applicant's financial position. This Statement as well as a founding affidavit is filed with the Master of the High Court. Once granted the Sequestration Order gives us permission to proceed with distributing the proceeds to Creditors.
TRUSTEES
The Trustees are appointed. Their responsibilities include meeting with the creditors and determining any outstanding claims against the applicant. Any claims, whether secured or unsecured, are dealt with in order of priority as laid out by the law. As an example SARS is regarded as preferential creditor in terms of priority.
COMPLETION
Once the Trustees have attended to all responsibilities, a final liquidation and distribution account is delivered to the court. This account must lie with the Master of the Court for 12 months before a client can become credit worthy. A court order is granted clearing the sequestration notice from the credit bureaus, restoring credit scores.
Practising Attorneys Specialising in Insolvency Law
20 Years
Experience
Members of the Legal Practice Council
Qualified
Liquidators
Members of the Association of Insolvency Practitioners
Here is some more Sequestration information from Solvendi
The sequestration process involves a Court Application. The Applicant will be either yourself, in the event of Voluntary Surrender, or one of your Creditors (either a friendly or aggressive Creditor).
While the advantages of Sequestration are significant, their are some disadvantages. The one that has the most impact is the fact that an individual cannot apply for credit until credit rehabilitation occurs. i.e. 36-48 months.
If you are facing the complexities of financial stress, you can’t afford to do without the clear thinking of a legal expert.
You will benefit from our calm professionalism and track record.
01
Consultation & Assessment Tailored for Your Situation
We discuss your needs in detail offering the best solution possible. An assessment will be provided to you explaining the process.
02
Assign you to a Dedicated Legal Practitioner
We render trusted legal services by legal experts at the highest ethical standards ensuring the best possible outcomes and successes.
03
We Will Guide You Throughout The Process
From the moment you start, we will guide you through the process, explain what we are doing and answer any questions you may have