Sequestration without Assets. Is it possible and if so, how? But, if an insolvency application must be to the benefit of the creditors, how can I apply for sequestration if I don’t have any assets? During this article we will explain the process but do suggest that you contact one of our professional consultants to assist you with any questions you might have regarding Sequestration without Assets.
WHAT IS SEQUESTRATION WITHOUT ASSETS?
If the legal fees, estate administration, and minimum benefits requirements are paid, sequestration without assets is possible. Though it is still necessary to go through the legal application process.
Remember that voluntary sequestration - with or without assets - is a process designed specifically to assist South Africans who are no longer able to pay debts due to changes in the individual's financial or job status.
WHY VOLUNTARY SEQUESTRATION?
Voluntary sequestration without assets allows you to regain financial stability and control over your life. This can be accomplished by taking focused action to adjust your monthly spending to match your income. Your creditors cannot bother you or take any legal action against you once the High Court has approved the application for a sequestration without assets. If somebody approaches you for a down payment agreement, simply refer them to your insolvency attorneys. The possibility of an unwelcome or unexpected visit by the Sheriff to attach your assets will also be eliminated.
THE SEQUESTRATION PROCESS, WHAT IS IT?
The notice of intention to apply for sequestration without assets is published in the Government Gazette and relevant local newspapers by the application lawyers. This effectively ends any further legal proceedings against you. They prepare the statement of affairs, which once signed by yourself, together with a Commissioner of Oaths, will lay for inspection at the Masters' office. Your debts are listed on the statement.
STATEMENT OF DEBTORS AFFAIRS, AN EXPLANATION
Because the statement is a crucial component of the application for sequestration without assets, it must be accurate. Your attorneys also notify the creditors of your intention of the voluntary surrender of estate without assets. This is accomplished via registered mail. If creditors seek additional information, they contact the insolvency practitioner.
NOTICE TO THE SOUTH AFRICAN REVENUE SERVICE (SARS)
Whether you are a registered taxpayer or not, your attorney will notify
SARS of the filing of your application. The Court documents will be prepared on your behalf with the information provided by yourself to the insolvency practitioner. This documentation includes a Founding Affidavit, providing the court with the reasons for sequestration, and a summary of your monthly income and expenses, proving that you're unable to service your monthly obligations towards your creditors.
SEQUESTRATION COURT DATE
Your application is presented to the High Court by a legal professional. You are not required to attend, but, once the application is approved by the Court, the Master of the Court appoints a curator to manage the insolvent estate in accordance with the
Insolvency Act.
Find a Debt Relief Specialist to help you find the perfect solution for your specific financial needs.
WHY SHOULD YOU TRUST CURE DEBT WITH YOUR FINANCIAL DIFFICULTIES?
We care about you, and how this process will affect you. We know and understand that should you decide to not continue with the process, we will lose money, BUT it is not about the money, it is about helping people getting out of financial distress. To help you START LIVING AGAIN.
WHAT CURE DEBT OFFER?
We took hands with Several Professionals, specialising in their different fields to serve our clients. With a combined experience of more than 120 years. We can proudly state that 'We are the best in the business of helping people and businesses BECOME DEBT FREE'.
We have an array of services we offer, and we SPECIALISE IN FINANCIAL DIFFICULTIES AND REHABILITATION.