Get Rid of Business Debt

COMPANY LIQUIDATION IN SOUTH AFRICA

Get Rid of Company Debt
(incl. SARS)

Voluntary Liquidate Your Company Without a Court Application
in 3 - 5 Days At a Fixed Fee and a Structured Process.

If your company can no longer pay its debts, liquidation can bring the debt and
creditor pressure to an end giving you the opportunity to move forward, restructure
and continue trading through a new company. EmpowerLaw is a private legal business and is not affiliated with CIPC, SARS, the Master of the High Court or any government institution.

WHEN YOUR COMPANY CANNOT PAY SARS
AND OTHER CREDITORS

Liquidation Provides A Legal Exit From Unmanageable Company Debt

Liquidation draws a line under a company that can no longer meet its financial obligations. Instead of continuing to find money for SARS and other creditors, the company is wound up and its debts are dealt with through the liquidation process by a liquidator.

If your company cannot pay SARS, creditors and its day-to-day expenses, continuing to trade can quickly make the problem worse. Debt continues to increase, while directors often start using their own money or taking on personal debt simply to keep the business alive.

Continuing for too long can also create a more serious problem. If a company keeps trading when it cannot pay its debts, its directors may face questions about reckless trading and, in some circumstances, personal liability for company debts.

Let Us Help You

South Africa's trusted liquidation experts: Eliminate debt, start fresh. Contact Us

What Company Liquidation Can Do For You

THE LEGAL WAY TO TAKE CONTROL AND MOVE FORWARD

Freeing Directors from Personal Liability

Liquidation separates the company’s financial failure from the director personally. The company’s debts are dealt with through the liquidation process and do not automatically become the director’s debts. Personal exposure generally arises only where there is a separate legal basis, such as a personal surety or director liability.

Freezing Creditor Actions and Legal Proceedings

Liquidation changes the legal landscape for creditors. Claims against the company are dealt with through the formal liquidation process, under the control of a liquidator, rather than leaving the director to manage demands, legal action and threats. Creditors may not proceed with legal action after liquidation (even SARS).

THE COMPANY’S UNPAID DEBT ENDS WITH ITS EXISTENCE

Creditors share in whatever assets are available for distribution through the liquidation process. Where those assets are insufficient to settle the company’s debts in full, the shortfall remains with the insolvent company. It does not follow the director into the future unless there is a separate basis for personal liability.

START THE LIQUIDATION PROCESS

Waiting Will Not Make the Debt Go Away

If your company cannot recover, waiting can make things worse. Debt continues to grow, creditor pressure increases and you may keep putting your own money into a business that cannot be saved. Acting now allows you to take control and move forward.

the company liquidation process

HOW VOLUNTARY COMPANY LIQUIDATION WORKS

YOUR STEP-BY-STEP LIQUIDATION ROADMAP

1.

Initial Information Gathering

Our intake form securely collects company details, director information, and outstanding debts to quickly prepare your upcoming voluntary liquidation paperwork.

2.

We Draft Your Documents

Our legal team processes your details to draft all required shareholder resolutions and statutory paperwork needed to place your company into voluntary liquidation.

3.

Review and Sign the Paperwork

We guide you through the signing process. First return your signed paperwork via email, then courier the physical original documents directly to us.

4.

We Lodge with the CIPC

We register the signed documents with the CIPC to officially and legally place your company into voluntary liquidation. The registration takes 1 - 3 days.

5.

Legal Protection Takes Effect

Once liquidated all debt collection actions against the company stop. Creditors and SARS must immediately halt standard legal action and route their claims to the liquidator through the winding-up process

6.

Lodging Original Documents

At the right time, we will arrange with you to courier the original documents. These are then formally lodged with the Master of the High Court so that a liquidator is appointed and the winding-up process started.

7.

A Liquidator is Appointed

The Master of the High Court appoints an independent liquidator about thirty days after liquidation to oversee your company affairs. A company does not need assets to be able to liquidate. No assets - no payment to creditors.

8.

Winding Up & Dissolution

The liquidator winds up the insolvent estate of the company. He deals with creditors, sells assets (if any) and pay creditors with the proceeds. After his report to the Master the company is deregistered.

Liquidation is not new. The Way We Do It, Is...

Facing financial distress? I am Nanika Prinsloo, B.Proc, Post-Grad Financial Planning, Post-Grad Business Rescue, a South African commercial attorney specialising exclusively in company liquidations. I have helped thousands of directors and business owners deal with creditor pressure, SARS debt and insolvency. Working with me gives you direct access to an experienced liquidation attorney who will guide you through the process.

Testimonials

What Our Clients Say

Discover why clients trust us to navigate complex legal challenges with expertise, empathy and successful results.

Mrs S

12/07/2023

Exceptional Attorney - Nanika Delivers Outstanding Service I had the privilege of working with Nanika, and I am thoroughly impressed. Her prompt handling of my situation, along with her exceptional knowledge and superb communication, made the entire experience seamless. She kept me consistently updated throughout the process, ensuring I was always well-informed. Nanika's professionalism and expertise were evident from the start. She quickly grasped the complexities of my case, offering sound legal advice and demonstrating a deep understanding of the law. Communication with Nanika was a pleasure. She was readily available to address my questions and concerns, providing clear explanations and guidance. Her proactive approach and ability to simplify complex legal concepts instilled confidence and reassurance. I highly recommend Nanika. Her exceptional service, expertise, and dedication to her clients make her an outstanding attorney. Thank you, Nanika, for your outstanding service!

Stephan J Lamprecht

30/06/2023

One of our businesses was faced with a seemingly unsolvable legal challenge. I was privileged to come across Nanika. Her advice, experience and understanding of the law proved indispensable and enabled us to resolve the matter quickly and effectively.

Danielle Alberts

15/04/2023

Nanika is the most knowledgeable, approachable, reliable person I have dealt with in a long time. She has given value FAR beyond what was initially requested, and continues to support and guide - I will absolutely keep referring people to her!

Timo Stander

28/03/2023

Prinsloo & Associate assisted me with a case. Since day one they had been absolutely exceptional and professional. They continuously kept me informed about all updates and followed through right until the end, and my case was successful. I highly recommend their services.

Ellen Lagus

21/03/2023

I don't think I've ever received better service than from Nanika Prinsloo. Before I even had any questions, they were already answered by Nanika. She went out of her way to explain, make suggestions and resolve issues to make me feel comfortable in a situation I was uncomfortable with. Thank you Nanika, you are a star!

Ashley McKenzie

30/01/2023

Nanika Prinsloo assisted with her knowledge and experience over and above. Highly Recommended.

Hamilton Goode

24/01/2023

Nanika assisted me so professionally, she is always willing to go the extra mile and is efficient at what she does. I am happy to recommend her knowing that she will deliver faultlessly everytime.

Salome Gunter

22/01/2023

100% trustworthy legal company with a high professional edge . i will never use any other company for my legal matters Salome Gunter

JAN GREEBE

20/01/2023

Highly professional services! I can recommend anyone who is considering a liquidation of their Company to make contact with them to get the best professional advice!

Squeaky Silvis

20/01/2023

I highly recommend Nanika Prinsloo Attorneys. She is professional and extreamly efficient. Excellent Service, thanks.

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Read informative pieces providing clarity on liquidation procedures, best practices, and common challenges faced.

COMPANY LIQUIDATION IN SOUTH AFRICA

Get Rid of Company Debt
(incl. SARS)

WHEN YOUR COMPANY CANNOT PAY SARS
AND OTHER CREDITORS