Wind Up Wind Down

When a company or a close corporation in South Africa undergoes liquidation, the South African Revenue Service must be involved for tax purposes. In this scenario, the liquidator also acts as the representative taxpayer on behalf of the company. In this article, we understand the major role SARS plays in the company or CC liquidation process in South Africa.

In South Africa's challenging business environment, many entrepreneurs face financial pressures that can push their companies towards liquidation. When that happens, a common question arises: Can a company liquidate and then start again in South Africa? The short answer is yes, but it comes with important legal and ethical considerations. Understanding what is allowed and what could get you into trouble is key.

In South Africa, the cost of sequestration depends on the complexity of the case as well as specific legal fees. Here is a detailed explanation of what to expect.

Bankruptcy and insolvency are related but are different. While a bankrupt person is insolvent, an insolvent person is not necessarily bankrupt. Below, we explain the difference and how an individual can declare bankruptcy in South Africa.

Falling behind on debt repayments can be stressful. If your creditor has hired a Debt Collection Agency, then that adds another layer of worry. One of the most common concerns in such situations is how much extra a Debt Collector is legally allowed to charge in South Africa. Well, the good news is that the law provides clear limits to protect you.

Approximately 12 million adults in South Africa struggle with unmanageable debt, according to the Finmark Trust. One legal solution that often comes up in this context is Sequestration, a process in which an individual voluntarily applies to be declared insolvent by a court. The court then appoints a trustee to manage and distribute the insolvent party's assets to its creditors. But the big question remains: Is sequestration a good idea in South Africa? In this article, we ex