A sequestration lawyer helps to place an insolvent person’s estate in the hands of a trustee. The trustee must realise all assets and then distribute the realised proceeds to creditors that prove claims against the estate.
You can voluntarily surrender your estate by showing that:
- Your estate is insolvent
- You own sufficient realisable property to meet all the costs of sequestration
- Sequestration will be to the advantage of your creditors as a whole
Bregman Moodley Attorneys will assist you with the publishing of the notice of intention of your intention to sequestrate your estate in the Government Gazette and newspapers. This must be done not more than 30 days, and not less than 14 days before the application will be heard in court.
A court will not grant an order of sequestration if you have so few assets that it would result in your creditors obtaining a negligible dividend. You need to have enough assets or cash in your estate to show an advantage to creditors of at least 20c in the Rand.
Voluntary sequestration presents you with more opportunities in the future and a chance for rehabilitation.
If you find yourself with your back to the wall and don’t know where to turn because creditors or debt collectors are texting or calling you every day sequestration may be an out. You need not view sequestration as a negative step. Later, you have the chance to apply for rehabilitation and restore your name and creditworthiness. Bregman Moodley Attorneys will work with you in both the sequestration and rehabilitation phases. We intend to get you back to where you belong.
We will work alongside you, and will support you, to find and provide the right papers and documentation so that this process runs smoothly. You will be able to have a fresh start, with no limitations on your actions and movements thereafter, except that you can’t incur further credit or be a director of a company or trustee of a trust, until rehabilitation. At least, the pressure from creditors and debt collectors will end and give you peace of mind.
Contact us today for more information.
Thank you for choosing Bregman Moodley Attorneys.