Legal Blog - Louwrens Koen Attorneys #creditors

•  25-03-2023 05:36 PM

To prove a claim against an insolvent estate, the claim must be a liquidated claim that arose before the date of sequestration and existed at that date, and did not prescribe at that date. A liquidated claim is a claim for a certain amount that has been determined through an agreement, a court judgment, or other means. Non-liquidated claims may be tendered at a meeting of creditors and deemed proved against the estate if the trustee has compromised or admitted them, or if they have been settled by a court judgment.

•  25-03-2023 05:15 PM

This article discusses the meaning of voluntary liquidation and its implications for businesses. Voluntary liquidation is a legal process that involves formally closing a business and distributing its assets to creditors or shareholders. The process entails several steps, such as document preparation, liquidator appointment, meetings with creditors and shareholders, claim verification, asset realization, and proceeds distribution to creditors. When a company is insolvent, meaning it cannot pay its debts, liquidation may be the only viable option.

•  18-03-2023 05:21 AM

If you get married in community of property, your credit rating will be affected. In this type of marriage, both spouses are jointly and severally liable for any debt incurred by either party, regardless of whether it was incurred before or after the marriage.

•  18-03-2023 04:51 AM

Comparison table setting out the differences in matrimonial property regimes in South Africa.

•  18-03-2023 04:45 AM

If you don’t draw up an antenuptial agreement in South Africa then your marriage automatically defaults to ‘in community of property’, and the state assumes that all assets and liabilities will be shared – ‘everything which is mine is yours, and everything which is yours is mine’.