|
|
Sequestration Process
The client will compile a list of assets and liabilities and forward the information to us.
The information is reviewed and assessed before any formal appointment with any legal representative is arranged. We first need to assess if you will qualify for sequestration.
Publication of a notice of surrender in the Government Gazette and a newspaper circulating in the district in which the debtor resides or trades, not more than 30 days and not less than 14 days before the date stated in the notice as being the date upon which the application is to be made.
Within a period of 7 days as from the date of publication of the notice mentioned above, notice of the surrender must be delivered and posted to each creditor.
A statement of the debtor's financial affairs must be lodged at the Office of the Master. If the debtor resides in a district in which there is no Master's Office, a copy of the statement shall also be lodged at the Magistrate's Court of such district. Also the statement must be open for inspection for a period of 14 days.
An affidavit in support of the application, containing evidence and confirming that all the requirements for the acceptance of the surrender have been observed, is issued at the Registrar of the High Court, served on the Office of the Master and the South African Revenue Services and thereafter filed at the Registrar of the High Court.
An advocate is appointed to attend to the application on the hearing date.
After an order is granted in terms of the application, the Master appoints a trustee to attend to the administration of the Insolvent Estate.
|
|
