Ultimately, the concept of a liquidation is to have a liquidator appointed to sell the assets of the company and the proceeds thereof to be distributed to creditors.

Voluntary liquidations are compiled either under a creditor’s voluntary liquidation or a member’s voluntary liquidation. Our firm specialises in compiling and processing voluntary liquidations and it must be noted that the turnaround time is three days to have a company placed under voluntary liquidation.

A receivership is usually brought in divorces when a husband and wife are in the process of becoming divorced and/or have become divorced but they are unable to agree on the price of assets. The role of a Receiver is to sell the assets under dispute and then transfer the proceeds according to the Divorce Order.

We are taking more and more receivership matters, not only in divorces but also in partnerships and matters before liquidation. This helps to prevent liquidation or sequestration depending on the scenario and facts at play.

This is a process that is undertaken before liquidation and which is a process prescribed in Chapter 6 of the Companies Act of 2008. A business rescue practitioner will be appointed to place a hold on the liabilities in the form of a concursus creditorum. They will then hold a meeting of creditors to outline a business rescue plan as to the way forward, and creditors can vote to either adopt or reject the plan.

The primary function of a liquidation firm is to assist creditors with the completion and submission of their claims and to ensure that their claims are submitted before a presiding officer at a meeting of creditors and to further ensure that the claim is proved correctly. Please click on this link to download a copy of our standard claim form.