Voluntary sequestration
Voluntary Insolvency Legal Consulting
At Voluntary Insolvency Legal Consulting, we provide expert solutions for your voluntary sequestration challenges. Trust our dedicated team to guide you through every step.
Our Commitment to Your Financial Well-being
VI Legal Consulting is dedicated to navigating the complexities of insolvency for our clients. Our tailored financial plans are designed to address individual challenges and empower clients towards sustainable solutions. We prioritise thoroughness and precision over speed to ensure each client receives the best possible outcome.
Our team consists of experienced legal consultants specialising in insolvency matters. With a diverse range of expertise, we collaborate closely to develop effective strategies for our clients. Together, we uphold the highest standards of confidentiality and professionalism throughout the entire process.
What Does
Voluntary Surrender
Mean?
Voluntary Surrender is the legal process of voluntarily surrendering your financial estate to declare bankruptcy. It allows individuals to address overwhelming debt by transferring their assets to pay off creditors, ultimately providing a fresh financial start. This process is designed to help those who are factually insolvent—where liabilities exceed assets—regain control over their financial situation.
Specialised Sequestration Services
Discover how our tailored sequestration services can address your unique financial challenges with expert guidance and support.
Expert Guidance
Receive professional advice on navigating your insolvency. Our experts provide the clarity you need for your financial decisions.
Detailed Financial Analysis
We conduct thorough analyses to understand your financial landscape. This assessment forms the backbone of our tailored strategies.
Professional Document Preparation
Receive meticulously prepared legal documents for your insolvency process. We handle all the paperwork for you.
Court Representation
We represent your interests in court, advocating for the best possible outcomes. Our team stands by you during critical hearings.
Trustee Coordination
We facilitate communication between you and your trustee, ensuring smooth proceedings. Count on us for support throughout.
Creditors Claims Processing
We assist with the processing of claims from creditors, protecting your rights and interests. Let us manage your claims effectively.
Post Sequestration Support
Our team offers an extensive amount of guidance in this journey, financial recovery is both our priority. Rebuilding credit post sequestration can be made easy with us every step of the way. Rehabilitation is the next step to becoming financially future independent.
Specialised Sequestration Services
Discover how our tailored sequestration services can address your unique financial challenges with expert guidance and support.
Expert Guidance
Receive professional advice on navigating your insolvency. Our experts provide the clarity you need for your financial decisions.
Detailed Financial Analysis
We conduct thorough analyses to understand your financial landscape. This assessment forms the backbone of our tailored strategies.
Professional Document Preparation
Receive meticulously prepared legal documents for your insolvency process. We handle all the paperwork for you.
Court Representation
We represent your interests in court, advocating for the best possible outcomes. Our team stands by you during critical hearings.
Trustee Coordination
We facilitate communication between you and your trustee, ensuring smooth proceedings. Count on us for support throughout.
Creditors Claims Processing
We assist with the processing of claims from creditors, protecting your rights and interests. Let us manage your claims effectively.
Post Sequestration Support
Our team offers an extensive amount of guidance in this journey, financial recovery is both our priority. Rebuilding credit post sequestration can be made easy with us every step of the way. Rehabilitation is the next step to becoming financially future independent.
The Sequestration Process
Process To Your Financial Freedom
1
Assessing Your Financial Situation
Completing out an application form will give our insolvency practitioner the relevant information to declare if you are truly insolvent. We will work together to find the best plan suited for our clients offering the best way forward and investigated under the national credit act. This step is the most important as this determines if you can sequestrate.
2
After Declared Insolvent
Continuing with your application for sequestration after declared insolvent becomes our duty in ensuring no creditor hassles. This step ensures every client of ours fall under the Insolvency Act 24 of 1936 while we carry out all legal proceedings.We will draft a statement with your list of creditors and benefit to creditors ensuring that all debt is settled.
3
Court Proceedings
Passing on to us the struggle of this financial restrain in exchange for your financial freedom is of precedence. We handle all legal proceedings and court documentation on your behalf ensuring your case gets approved. This being a benefit to our client, we do all representation of your case to the court on your behalf.
4
Granted Application
All communications will be done through us between your court appointed curator for the settlement of your debt over a period of 18-24 months or an auctioneer if needed to manage the insolvent estate recovering money from your assets Once your benefit to creditors are settled in this sequestration process, we help you through the process of rehabilitation giving you the full benefit of sequestration, and that is being debt free12
The Sequestration Process
Process To Your Financial Freedom
1
Assessing Your Financial Situation
Completing out an application form will give our insolvency practitioner the relevant information to declare if you are truly insolvent. We will work together to find the best plan suited for our clients offering the best way forward and investigated under the national credit act. This step is the most important as this determines if you can sequestrate.
2
After Declared Insolvent
Continuing with your application for sequestration after declared insolvent becomes our duty in ensuring no creditor hassles. This step ensures every client of ours fall under the Insolvency Act 24 of 1936 while we carry out all legal proceedings.We will draft a statement with your list of creditors and benefit to creditors ensuring that all debt is settled.
3
Court Proceedings
Passing on to us the struggle of this financial restrain in exchange for your financial freedom is of precedence. We handle all legal proceedings and court documentation on your behalf ensuring your case gets approved. This being a benefit to our client, we do all representation of your case to the court on your behalf.
4
Granted Application
All communications will be done through us between your court appointed curator for the settlement of your debt over a period of 18-24 months or an auctioneer if needed to manage the insolvent estate recovering money from your assets Once your benefit to creditors are settled in this sequestration process, we help you through the process of rehabilitation giving you the full benefit of sequestration, and that is being debt free12
Voluntary Sequestration
With or Without Assets
The Act of Voluntary Surrender
Voluntary sequestration is the legal process of surrendering your financial estate to declare bankruptcy.
Without Assets
Tailored solutions will be created based on your financial situation, provided all requirements are met. We offer interest-free payment plans that adapt to your lifestyle, ensuring all creditors and fees are paid over time.
With Assets
If payment plans cannot be met, surrendering your assets becomes the next step. This process allows you to regain your life without the burden of debt, enabling you to pay off all creditors and fees and become debt-free.
Why You Should Sequestrate?
01
Learn the difference between ‘’needs’’ and ‘’wants’’
02
If vehicle instalments are on track, appointed curator may negotiate for a lease agreement
03
No need to appear in court yourself
04
A confidentiality policy will be kept between your creditors and you- you will not get dismissed from your work
05
If vehicle instalments are on track, appointed curator may negotiate for a lease agreement
06
Your salary and other income are your own and you will not have to pay your creditors
Voluntary Sequestration Requirements
Why Choose
Voluntary Insolvency Legal Consulting?
We offer extensive legal expertise and in -depth support through your sequestration process maintaining your confidentiality every step of the way, your financial stability is our priority!
We manage your financial future
Expert Guidance
Our team of legal experts is here to provide you with the most comprehensive understanding of the insolvency process, ensuring you make well-informed decisions.
Confidentiality Guaranteed
Your privacy is our priority. We handle your case with the utmost discretion, ensuring that your information remains confidential and secure.
Tailor-Made Financial Plans
We believe in personalised care, crafting financial strategies that are unique to your situation for optimal relief and recovery.
Post-Sequestration Support
Our commitment to your financial health doesn’t end with your sequestration. We provide ongoing support to help you stabilise and rebuild your financial future.
What Our Clients Say
Read testimonials from satisfied clients who have successfully navigated their financial challenges with our help.
Sequestration Insights
Explore Sequestration Insights for expert advice and informative articles on voluntary sequestration.
Positive Effects of Sequestration
Sequestration can seem like a daunting option, but for individuals struggling with substantial debt, it offers several positive benefits that can create a path to financial freedom. From reducing debt to eliminating creditor harassment, sequestration can provide…
The Negative Effects of Sequestration
Sequestration can offer a solution for individuals facing overwhelming debt, allowing them to legally declare insolvency and start fresh. However, sequestration also comes with significant drawbacks that impact your financial freedom and career opportunities. Before deciding, it’s…
How to Clear Your Name After Sequestration
If you’ve recently gone through sequestration, you’re probably eager to understand the path to a clear credit record and financial independence. While sequestration offers a fresh start by relieving debt obligations, it also places restrictions on credit…
Frequently Asked Questions
What is Voluntary Sequestration?
Voluntary sequestration is a process where an individual voluntarily surrenders their assets to declare bankruptcy. By providing legal evidence of an inability to pay debts, individuals initiate this process to relieve their financial burden.
What is Compulsory Sequestration?
Compulsory sequestration is initiated by creditors. If a creditor has proof of an individual’s insolvency, they may apply to the court to sequester the individual’s assets to recover the owed debt.
Does Every Insolvent Pay the Same Amount?
No, each insolvent individual has a unique debt profile. Typically, a payment of 20 cents per rand of total debt is calculated, which differs for everyone. Additional fees may apply based on the specifics of each case.
Will My Sequestration Case Be Approved?
The court approves sequestration cases if:
– Creditors receive a fair benefit.
– There is income to cover asset sales and any benefits.
– Assets adequately cover all liabilities.
Can I Buy a House During or After Sequestration?
Yes, buying immovable property is possible with trustee consent. However:
– Credit is not available until after rehabilitation.
– Any property bought during sequestration becomes part of the insolvent estate unless excluded by the Insolvency Act.
What Happens to My Vehicle During Sequestration?
Most vehicle financing agreements prohibit third-party sales. Generally:
– The bank repossesses the vehicle if the debt is outstanding, or the individual may voluntarily return it.
– If fully paid off, the vehicle forms part of the insolvent estate, but the individual may purchase it from the curator.
What Happens to My Salary During Sequestration?
Your salary is protected under the Insolvency Act:
– Creditors cannot claim your salary.
– Any existing garnishee orders will be canceled, allowing you full access to your income.
What Happens After Sequestration?
Upon sequestration:
– All debts are written off, offering a fresh start.
– You’ll receive a new tax number from SARS.
– This allows for financial recovery and a debt-free future as you work toward rehabilitation.
Why Does Rehabilitation Take So Long?
Automatic rehabilitation occurs after 10 years unless you apply earlier. Timeframes vary based on circumstances:
– After 6 months: If no claims are lodged, there’s no fraud involved, and the estate has not been previously sequestered.
– After 3 years: For previously sequestered estates.
– After 5 years: If the individual was involved in fraudulent acts related to insolvency.
Start Your Journey Today
Contact us now for a personalised consultation and take the first step towards a financially sound future.