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Sequestration allows a consumer to make a fresh financial start by writing off 60% of their debt.

Sequestration

 

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 over 24 installments. Once these installments are paid in full the consumer is considered to be debt free.

 

Business Liquidation

 

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.

 

Financial Rehabilitation

 

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.

 

Contact Number:

011 504 2914

 

Mobile Number

061 487 2122

Email:

admin@greendebt.co.za

 

Website:

www.greendebt.co.za

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