Legal Blog - Louwrens Koen Attorneys #insolvent

•  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.

•  30-07-2021 02:41 PM

Upon the sequestration of an individual, the estate of such individual vests with the Master, until a Trustee is appointed for the estate. Thereafter the estate vests in the Trustee. Section 20 of the Insolvency Act regards the following as being part of the estate: “(a) all property of the insolvent at the date of the sequestration, including property or the proceeds thereof which are in the hands of a sheriff or a messenger under writ of attachment; (b) all property which the insolvent may acquire or which may accrue to him during the sequestration….”