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Sequestration allows a consumer to make a “fresh” financial start. It is a legal process resulting in an individual being freed from their overwhelming debt obligations. The Credit Providers receive approximately 40% of your overall debt and the other 60% is written off. The 40% owing is split into 18 instalments. Once these instalments are paid in full the consumer is considered to be debt free.
The Liquidation (or "winding up") of a Company/Close Corporation is a legal process whereby the Company and it's affairs are placed under the control of a Liquidator. A Liquidator is Nominated by the Credit Providers and appointed by the Master of the High Court. The Liquidator represents the interests of all Credit Providers and supervises the Liquidation. This involves collecting and realising the Company's assets. The assets are sold and turned into cash to be distributed fairly amongst the Credit Providers, discharging the Company's liabilities and distributing any funds left over among the shareholders. Once this process is completed the Company is formally dissolved.
If an individual is Sequestrated, they can apply for Rehabilitation to remove any adverse listings on their Credit Report and become credit worthy again. Application for Rehabilitation can be made 4 years after the date of Sequestration. In some instances the Insolvent can apply sooner. An insolvent is also automatically Rehabilitated after a period of 10 years has expired from date of Sequestration.
WHAT PEOPLE SAY
“I was retrenched in 2013. It took me 6 months to find another job at almost half my previous salary. I was behind with all of my installments by 6 months and I couldn't get a consolidation loan to reduce my monthly repayments. Green Debt assisted in reducing my debt by 60%. The remaining 40% was split over 18 months. I am pleased to say I am debt free today.”
— Johan's sequestration testimony
