Compulsory sequestration in South Africa refers to a legal process where an individual's assets are taken over by a trustee appointed by the court in order to repay their creditors.
This process is typically initiated by a creditor who is owed money and unable to recover it through normal means.
The purpose of compulsory sequestration is to provide a fair and efficient way for creditors to recover their debt and for the individual to be released from their debt obligations.
Attorneys play a crucial role in the compulsory sequestration process, representing both the individual and the creditors.
The attorney for the individual is responsible for advising the client on their rights and obligations during the sequestration process and helping them to negotiate with creditors. They may also represent the individual in court proceedings, if necessary.
The attorney for the creditors is responsible for representing the creditors' interests, including negotiating a payment plan and ensuring that the individual's assets are properly managed during the sequestration process.
Van Deventer & Van Deventer Attorneys can assist with the compulsory sequestration process in several ways. We provide legal advice and representation to individuals who are facing sequestration proceedings, helping them to understand their rights and obligations and guiding them through the process.
Our attorneys in Cape Town and Johannesburg can also represent creditors who are seeking to recover debt from an individual through the compulsory sequestration process, helping them to navigate the legal process and ensuring that their interests are protected.
Additionally, Van Deventer & Van Deventer Attorneys have experience in negotiating payment plans and managing the individual's assets during the sequestration process, providing a comprehensive solution for clients who are dealing with the consequences of compulsory sequestration.
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