A curator is selected by the Chief Justice of the Supreme Court. The liquadator liquidates the assets of the estate of the insolvent and pays the creditors in accordance with the Insolvency Act. Certain creditors will only be paid proportionally. The debtor's obligations are then satisfied, and he or she has no further financial responsibilities.
The following will result from debt counseling:
Debt consultation entails the appointment of a debt counselor who then negotiates with the debtor's creditors to reduce the various installments owed. This agreement may be made a court order. The total amount owed, including interest, is however still owed and payable by the debtor, and the underlying issue is merely postponed.
What is a Voluntary Sequestration (Application for Bankruptcy)?
Actually, the correct term is Voluntary Surrender, which is also commonly known as Bankruptcy or Insolvency. This involves filing a petition with the relevant High Court to have all of your assets liquidated and the proceeds distributed among all of your creditors in accordance with the Insolvency Act, after certain costs are deducted. Once the application is granted, all civil legal proceedings against the applicant are halted. The magistrate is not permitted to seize or sell any of your assets, and your employer is not permitted to deduct money from your paycheck to satisfy Garnishee Orders. Your Trustee is now the owner of your assets, although you still have possession of them. The Master of the High Court will appoint a Trustee to administer your insolvent estate. The Trustee must liquidate (realize) your assets by selling them back to you or at auction. On your behalf, we handle all negotiations for the repurchase of your assets from the Trustee. In accordance with the Insolvency Act, the proceeds derived from your assets are distributed to your creditors after certain administrative expenses are deducted. Your creditors are compelled to write off any outstanding debt as uncollectable and are prohibited from pursuing further legal action.
To obtain expert advice, visit insolvency.org.za.""
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