Insolvency

Insolvency occurs when a person or company cannot repay their debts on time, while sequestration involves the sale of assets to settle outstanding debts. In South Africa, individuals or businesses can either opt for voluntary sequestration or face involuntary sequestration.

When an individual or organisation finds themselves unable to fulfil their financial obligations to lenders, liquidation proceedings may be initiated. This legal process falls within the realm of insolvency law and is typically best navigated with the guidance of an insolvency law attorney.

Insolvency encompasses various scenarios, including the liquidation of companies and closed corporations and the sequestration of debtors, whether voluntary or involuntary.

At Michael Krawitz Attorneys, we provide support to clients facing financial distress by offering guidance on debt review and business rescue processes. We aim to ensure our clients receive the assistance they need by connecting them with reputable debt counsellors and business rescue practitioners who can provide tailored solutions.

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Contact us today for more information about insolvency law.