Before considering the liquidation of a company, business owners should take proactive steps to mitigate the impact on their financial situation and future prospects. Here are 5 essential steps to navigate the business liquidation process in South Africa effectively. HELP ME LIQUIDATE MY BUSINESS Step 1: Seek Professional Advice from a Liquidation Lawyer Engaging […]
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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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Liquidation of a business is a powerful legal tool in the arsenal of any business owner. There is little to fear of it and would particularly apply to business owners who answer yes to the following questions: Are you borrowing more and more money to pour into your failing business to keep it afloat? Do
The shortest route to the fastest solution for a company that has debt it cannot pay, (SARS included) is Liquidation. Liquidation ends the company that cannot pay its debt. After Liquidation the affairs of the company is wound up. Creditors are under control, the liquidator deals with them so that you do not have to.
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Many business owners that we assist are nervous of going through the liquidation process. They usually are unaware of the benefits of liquidating a company. Perhaps you have the same fear. Perhaps you fear that you are going to lose your business or that you will lose your assets if you liquidate your business. Liquidation
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Get rid of company debt in Gauteng If you do business in Gauteng, you will know that competition is fierce and times are tough. As a result of so many factors that count against business owners in South Africa, many businesses take a severe strain and struggle to survive. Business owners in Pretoria and Johannesburg
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Get Out of Debt Legally You can get out of debt legally. Let liquidation rescue you. All too often, business owners fear liquidation. They try everything else to save the business, but liquidation should be the first option. Any business owner who has a business that is suffering financially and cannot pay its debt should
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Liquidation vs Sequestration A short history in Insolvency is good to know about because it will explain where Insolvency fits in our economy. Insolvency refers to either the Liquidation of a Business and Sequestration of an individual. In Roman Law a debtor who could not pay debt could be sold into slavery. In the
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