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.
- 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
- 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
- How to enter into business rescue
- Effect of business rescue
- The business rescue plan
- Termination of business rescue
Getting a Judgement in your favour is important but you may need a warrant of
An act of insolvency is the legal presumption that when a person or entity acts
The National Credit Act (“NCA”) requires that a notice is given to a debtor who
Further reading on GCM Legal Wiki