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Winding Up & Liquidation of Companies

If your business is facing extreme financial difficulties and there are no options for restructuring or recovery, nor any prospect of obtaining financial investment, then the company must be liquidated. 

The Companies Act No. 61 of 1973 states that an insolvent company cannot continue to operate. 

Despite a lack of assets to pay all creditors, the company must stop trading and either enter business rescue or go through the liquidation process. 

It is essential to gain a comprehensive understanding of liquidation procedures in South Africa.

Why You Need an Attorney to Assist with the Liquidation Process in South Africa

  1. Legal Expertise: Liquidation is a complex legal process and requires a thorough understanding of the applicable laws and regulations, including the Companies Act No. 61 of 1973. We have the necessary knowledge and experience to guide you through the process and ensure that all legal requirements are met.
  2. Asset Protection: Our attorneys help you navigate the liquidation process in a way that maximizes the value of your assets and protects your interests. We advise you on the best strategies for selling your assets, negotiating with creditors, and settling any outstanding debts.
  3. Time and Cost Savings: The liquidation process can be time-consuming and stressful. One of our experienced attorneys can help streamline the process and minimize the time and cost involved. We handle the necessary paperwork and negotiations, allowing you to focus on other important matters.
  4. Professional Representation: Having one of our reputable attorneys represent you during the liquidation process provides you with a level of professionalism and credibility that can be critical in securing the best possible outcome for your business.

Van Deventer & Van Deventer Incorporated – Attorneys in Johannesburg and Cape Town

Letting us assist with the liquidation process can help ensure that the process is handled efficiently, effectively, and in accordance with the law.