What you should know about the sequestration process:
The surrendering of your estate in terms of the Insolvency Law entails an application instituted in the High Court. This application may be applied for by persons who are no longer able to pay their Debts due to circumstances out of their control.
Voluntary sequestration enables you to live a normal life, where you are not plagued by arrear debts with high interest rates. You will have no more fears that creditors will phone you day and night from “private numbers” and you can answer your calls fearlessly. The Sheriff may no longer hassle you!
WOULDN’T IT BE WONDERFUL TO LIVE A DEBT FREE LIFE!?
What is the procedure for sequestration?
1. The Voluntary Sequestration form is completed
2. We then start the application by publishing an advert in the Government Gazette and the Citizen. This advert legally stops any Sheriff’s execution auction on your movable and immovable property.
3. The Application is drafted based on the information supplied by you. This application for Sequestration has to be signed before a Commissioner of Oaths within 7 working days (the obligation to arrange the signing thereof rests with you). This document lies for inspection by creditors at the Master of the High Court and the local Magistrates Court for 14 days.
4. During this time all your creditors gets notified of the application for Sequestration by registered post. If the Creditors won’t stop bothering you, we will also provide you with a copy of this notice as proof to be sent to them. The South African Revenue Services also gets notified, even if you are not registered with SARS. Also note that if you are employed, your employer will never get involved or be notified of your Sequestration application, as this is your own personal matter.
5. The day of the court application an Advocate will appear on your behalf. You do not have to attend Court.
6. After the application has been approved and granted by the Court, a Curator is appointed to handle all financial matters on your behalf. He will deal with all the assets and liabilities and might arrange a consultation to explain the details to you