Insolvency Law

Insolvency

insolvency-law-1Insolvency in South Africa primarily governed by the Insolvency Act 24 of 1936. The Insolvency Act governs the sequestration of trusts, partnerships and the estates of individuals that are insolvent. Insolvency in South African law refers to a status of diminished legal capacity imposed by the courts on persons who are unable to pay their debts or those people whose liabilities exceed their assets.

Clive Hendricks feature as an Insolvency Practitioner on the National List of Liquidators issued by the Master of the High Court, South Africa. On appointment as Liquidator / Trustees or Curator he has the capacity to ensure that assets which vest in the Trustees, Liquidators or Curator are secured. His team is well equipped to realise assets, investigate claims against the Estate and account to the Master of the High Court in a professional manner.

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Clive Hendricks regularly undertake work and assist clients in the following areas:

 

    • Liquidation applications of companies and close corporations;
    • Compromises in terms of Section 155 of the Companies Act, 2008;
    • Insolvency Inquiries and Commissions of Inquiry in terms of sections 417 and 418 of the Companies Act;
    • Proof of claims at creditors meetings;
    • Sequestration in South Africa of Trusts and Individuals;
    • Applications for voluntary surrender of a person’s estate;
    • Rehabilitation applications;
    • Offers of composition with creditors;
    • Litigation in regards to Insolvent Estates and Companies / Close Corporations in liquidation;
    • Appointment as trustee in insolvent estates;
    • Appointment as liquidator of close corporations and companies;
    • Cross border insolvencies;
    • Completion, lodging and proof of claims;
    • Collection of the estate assets, including the debtors’ book;
    • Applications to court for extension of liquidators’/trustees’ powers;
    • Evaluating preference of the client’s claims (secured, statutory-preferent or concurrent);