Liquidations investigations
The process of a firm being shut down and a professional Liquidator being appointed is known as voluntary liquidation. Creditors are paid from the proceeds of asset sales. The liquidation procedure will pay secured and preferential creditors first, followed by concurrent creditors, in order to ensure that all classes of creditors are compensated.South Africa and around the world.
WE HANDLE THE WHOLE LIQUIDATION PROCESS FOR YOU
People and corporations have varied requirements. We’ve guided thousands of businesses through the process of liquidation, guaranteeing that you’ll be able to survive and prosper. Attorneys that specialize in commercial insolvency and reorganization are known as liquidation attorneys. We can provide you with practical, legal, and financial guidance to help you get your company back on track.
We also have access to leading tax and IFRS practitioners as well as expert cross-border assistance through the Our foot print. The Sequestrators provides ongoing services to a number of leading South African law firms and our track record includes numerous high-profile investigations (including white collar crime and insolvency investigations) on behalf of private and public companies, banks, financial institutions, as well as government departments and non-profit organisations.
LIQUIDATING THE BUSINESS
A delay of legal proceedings or the closing of the firm in liquidation is the result of the liquidation. Creditors must file claims to the estate, which often include an affidavit as well as supporting documentation detailing the claims’ amounts.
Please feel free to contact The Sequestrator for a Free Appraisal
GETTING A FRESH START
We can assist you if your company has gone bankrupt or if you simply want a fresh start. We can help you figure out the best course of action for you and your company. With voluntary liquidation, you can start over.
The law of insolvency exists primarily to protect a creditor’s claim against a debtor.
Section 64(1) of the lnsolvency Act is obligatory in that it compels the Insolvent and certain other persons to attend the enquiry.
Section 65(1) of the lnsolvency Act empowers the presiding officer to administer an oath and interrogate the insolvent and other witnesses who might have been subpoenaed to attend to the enquiry.
The insolvent/witnesses must fully disclose any material information relating to the previous financial affairs of the previously solvent company or natural person.
Any creditor with a claim against the insolvent estate is entitled to interrogate any person who has been subpoenaed to attend the enquiry.
As the witnesses are under subpoena, they may not refuse to answer any questions. They are under oath so they will not be allowed to fabricate any of the information which needs to be furnished to the prescribed officer.
However, creditors may not ask baseless, unjustified and disingenuous questions.
The presiding officer has discretion to disallow any type of question mentioned above and is further permitted to disallow a question which would prolong the interrogation unnecessarily.
Section 66(1) of the Insolvency Act empowers the presiding officer to issue a warrant for the apprehension of any person who fails to answer to the summons issued under section 64 of the Act. The officer in charge of the prison to which the said person or insolvent was committed, shall detain him and produce him at the time and place appointed by the first mentioned officer for his production.