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 business to an end and deal with its creditors through a formal legal process so that you do not have to. Any debt that the director did not sign surety for is written off for the company. The sooner you act, the sooner you can stop dealing with the debt. Find out whether liquidation is the right next step for your company.

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.

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.

18+ Years of Practical Company Liquidation Experience

Facing financial distress? I am Nanika Prinsloo, a South African commercial attorney with 18+ years of expertise in company liquidation. I have helped thousands of directors and business owners resolve heavy creditor pressure, complex SARS debt, and insolvency challenges smoothly.

Testimonials

What Our Clients Say

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

         Posted on Google  
   
   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!
  
 
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   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.
  
 
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   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!
  
 
      Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   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!
  
 
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   Ashley McKenzie 
 30/01/2023
 
 
  Nanika Prinsloo assisted with her knowledge and experience over and above. Highly Recommended.
  
 
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   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.
  
 
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   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
  
 
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   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!
  
 
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   Squeaky Silvis 
 20/01/2023
 
 
  I highly recommend Nanika Prinsloo Attorneys. She is professional and extreamly efficient. Excellent Service, thanks.
  
 
  
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Let Us Do All the Work

We will make sure the company is liquidated and that a liquidator is appointed. We will advise you fully on what you can and cannot do and how you should navigate your steps for a painless liquidation.

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