Liquidation Process

Liquidation Process

We are a team that fully understands the current debt situation you are in.  What’s more, we have made sure that it is a step that you can afford to take by making it easily affordable.

Step 1

We ask a few questions to see if you would qualify for Business Liquidation.

Step 2

If this is an option, then we will send you Assessment form to complete. This will give us more information on your debt situation. Now we can start to discuss costs and affordability.

Step 3

An attorney will provide the costs for the Business Liquidation.

Step 4

We prefer to meet our clients and would love to meet you.  We have offices in Centurion and set up an hour meeting with you, if you are willing to travel to Centurion.  If a meeting at our office is not possible then we will set up a telephone call or an online platform. During this meeting, Ursula will explain the legal process for your individual situation and the payment plan that we can help you with.

Step 5

When you decide that this is the process you want to follow, my team and I will be with you from start to finish.

 

    Legal Process

    • You stop paying all debts.
    • Then refer all creditors to our office.
    • We guide you through the application process and keep you updated on the attorney’s progress.
    • You do not appear in court, at any time, during the process.
    • If you have a bank financed vehicle, you will still be able to drive the vehicle for at least the medium term before it will be sold / auctioned by the Trustee.
    • A Trustee will be appointed by the Master of the court.

    A liquidator is appointed by the court and involves:

    • Ensuring all company contracts (including employee contracts) are completed, transferred or otherwise brought to an end
    • Ceasing the company’s business
    • Settling any legal disputes
    • Selling any assets
    • Collection of money owed to the company
    • Distributing any funds to creditors and returning share capital to the shareholders (any surplus after repayment of all debts and share capital can be distributed to shareholders)
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