A great concern for directors are their own status after Liquidation. Will they be held personally liable for the debt of the company; will they be blacklisted; will they be able to own a business again. These are the most popular questions we get asked. In fact, the impact of Liquidation on Directors are not […]
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When a company is unable to pay its debts or when its liabilities exceed its assets, it is insolvent. In South Africa, liquidation is a formal legal process that results in the closure of a company. Following liquidation, a liquidator is appointed to manage the winding-up process, ensuring that all creditors participate in an orderly manner. The primary purpose
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I understand from experience that by now you are probalby worried sick and have sleepless nights as you cannot see a solution to your business’ financial problems. Worse is that you need to continue to trade. Currently the cash flow is being eaten up by keeping creditors off your back, but that paralyzes you as
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Is your only source of income a financially struggling company that needs to be liquidated? Are you afraid that liquidating the company you need, even if it’s in financial trouble, will leave you unable to survive? We can tell you that you can indeed liquidate a company, clear the debt (including SARS), and still
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