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Posts Tagged 'how to declare insolvency in South Africa'

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The 8 in Section 8 – Acts of Insolvency

When an entity cannot pay the debts they owe as and when they become due, or where their liabilities exceed their assets, such party is considered insolvent in South African law.

In the latter case this effectively means, even if the party were to liquidate all their assets to settle liabilities, it would still not be enough.

Declaration of insolvency status is done by the Courts.


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