Insolvencies and Liquidations - Legal Articles — Page


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Insolvencies and Liquidations

What You Need to Know About Liquidation in South Africa

While the business rescue procedure is aimed at rehabilitating financially distressed companies so that they can return to solvency, liquidation is aimed at winding the company upon realisation that the situation is so dire, and liquidation is the only option left.

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The Effect of Insolvency on the Estates of Spouses

Where one of the spouses in a marriage becomes sequestrated, the system that governs their matrimonial property is important in the determination of consequences on the estate of the other spouse.

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The Difference Between Liquidation and Business Rescue

Liquidation is whereby a debtor entity, after the realisation that its liabilities exceed assets (factual insolvency) or inability to settle the liabilities as and when they become due and payable (commercial insolvency) is wound up.

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When Should A Business Initiate Business Rescue Proceedings?

The Business Rescue procedure was introduced into the South African legal discourse by Chapter 6 of the Companies Act 71 of 2008. The main purpose of business rescue proceedings is to maximize the likelihood of restoring the business to solvency.

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