Insolvency Law

Insolvency

Overview

GCM LEGAL has extensive experience in insolvency (sometimes called “bankruptcy”) and restructuring issues that affect individuals and companies.

Insolvency is not only for a financially distressed company or individual, but it is also invaluable to commercial restructuring and streamlining.

Insolvency for an individual is called “sequestration” and for a company is called “liquidation”.

There are 2 principal forms of insolvency: friendly/voluntary and hostile.

Insolvency and litigation are often cross-over areas of practice.

GCM Legal can assist with the below areas of insolvency.

Insolvency

  • Compulsory sequestrations
  • Voluntary surrender and friendly sequestrations
  • Application for sequestration of a third party (Section 9(1) application)
  • The effect of sequestrations
  • The return of assets that have been incorrectly disposed of by an insolvent (voidable dispositions)
  • The trustees of an insolvent estate
  • The creditors of an insolvent estate
  • Rehabilitation


Liquidation

  • Voluntary liquidation / winding-up
  • Liquidation by a Court (Compulsory/hostile winding-up)
  • Effect of a liquidation order
  • Process after liquidation order is obtained
  • Provisional and final liquidators
  • Proof of claims
  • Liquidation and distribution account
  • Reckless trading
  • Voidable dispositions

Business Rescue

  • How to enter into business rescue
  • Effect of business rescue
  • The business rescue plan
  • Termination of business rescue

 

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Further reading on GCM Legal Wiki

 

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