We are a law firm based in Pretoria. We strive to provide our clients with a Low- cost and task-specific legal services through easy access to experience and in comfortable environment.
- Sequestration is a legal process by which you are declared insolvent by an Order in the High Court
- After a Trustee is appointed according to the rules of the Insolvency Act
- You will be able to adjust your lifestyle to be in line with your available budget, without creditor headaches.
- If you own a fixed property that is bonded, all your debt will be written of once the order for the surrender of your estate has been granted.
- If you do not own a fixed property, all your debt will be included in the application and once your contribution percentage has been paid the balance of all debt is written off.
- You will no longer need to communicate with any of your creditors JSFLAW deal with the surrender of your estate will handle all further communications with your creditors.
- After your voluntary surrender your FULL income will remain your own.
- All garnishee orders against your salary will be stopped or cancelled the Court Order has been granted and the necessary documents sent through to your HR department.
- You will be able to Keep your movable
- You will be able to keep your vehicle if it is not financed and in certain circumstances where the vehicle is leased.
- You do NOT need to appear in court.
- You will be able to apply for rehabilitation
- After rehabilitation your credit record will be cleared and you can continue Debt Free with your life.
- You will be insolvent for at least the next 6 months, 12 months, 16 months, 18 months, or 25 months depending on the installment payments towards your Contribution payment.
- You need to apply for rehabilitation after your sequestration period is over
- You will be required to complete an application form with your personal information as well as information regarding your creditors.
- Upon receipt of your fully completed application form as well as payment of the required fee, we will proceed with your application.
- We will publish an advert in the Government Gazette and in a local newspaper
- This document is submitted for inspection at the Master of the High Court for 14 days or with the local Magistrate’s Court.
- Your creditors thus contact me for information. You will also be provided with the same notice to enable you to forward to problematic creditors.
- The South African Revenue Services are also notified, even if you are not registered with SARS.
- At the day of the Court proceedings an Advocate will represent you; there will be no need to attend any court hearing in person.
- After the application has been approved and granted by the Court, a curator is appointed to handle all financial matters on your behalf.
- The curator will contact you to arrange a consultation to explain the details to you and to confirm details in respect of your assets.
Contribution Fees are payable over 6 months, 12 months, 18 months or 20 months. A quotation will be provided as soon as an assessment of your profile is done.
- Latest 3 months consecutive pay slips. Must be verifiable in bank account
- If in receipt of allowance, commissions or variable pay, then 6 months latest consecutive pay slips are required
- Detailed income and Expenditure statements, signed by the applicant
- Latest 3 months bank statements, stamped by the bank, not Internet statements
- If in receipt of variable income, then 6 months’ latest statements will be required
- If applicant is not a SA citizen, copy of residence and work permits
- Rental contracts in respect of any rental income which may be used in assessing affordability
- Clear copy of Identity document(s)
- Offer to Purchase( Providing correct property & sales details upfront and to be signed by all parties
- Latest 2 years audited business financial statements
- Letter from auditor confirming personal income
- If Financials are more than 6 months old, then up-to-date, signed management account are required
- Cash flow forecast for ensuing twelve months
- Personal statements of Assets and Liabilities
- Personal & Business bank statements
- IT 34
- Identity document(s) of directors/members/trustees
- Offer to Purchase –Providing correct property & sales details upfront
After your sequestration has been paid up, you can apply for a rehabilitation process. It follows the same route as a sequestration process. In an Application for a Rehabilitation Process, the application goes to the Supreme Court where your status will be changed from “INSOLVENT” to “SOLVENT” This action will take 6 weeks to complete.
PLEASE CONTACT OUR OFFICES SHOULD YOU NEED FURTHER ASSISTANCE