Sequestration

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The Power of Sequestration Take Control of Your Finances & Become Debt Free.

If you are insolvent your assets are worth less than your personal debt. If you have enough equity in your estate to provide a minimum benefit (20c on each Rand), you may apply for a Sequestration Order. This process is referred to as voluntary sequestration.

We will assist you with the application and see to it that the sale of your personal assets is to the advantage of your creditors. If your creditors have brought a Sequestration Order against you and you are not insolvent, we will assist you in providing evidence as to why your personal assets should not be sequestrated.

Note: This is a case that is seen in the High Court and for that reason can be costly. Legal costs often exceed the R 10 000 mark and are required to be paid upfront.

“We have the capabilities and experience to deliver the answers you need to move forward.”
Hans Overbeek
C.E.O. & founder of Cyber Finance

More About Sequestration Debt counselling has many benefits

More information

An insolvent consumer is a person who cannot pay their debts because the value of their debt exceeds the value of their assets and may apply for a sequestration order. The person applying for sequestration must place all their assets in the hands of a trustee, who must then sell the assets and distribute the cash among the creditors. The creditors or the consumer may apply for the order.

A voluntary sequestration is when a person voluntarily surrenders their estate by applying for a sequestration order. For voluntary sequestrations to succeed the consumer must show that their estate is insolvent; that they own sufficient realizable property to meet all the costs of sequestration and that the sequestration will be to the advantage of their creditors as a whole.

Compulsory sequestration are applications brought by creditors where the consumer is given the opportunity to showcase why their estate should not be sequestrated. The applicant must be able to show that sequestration will be to the advantage of the creditors as a whole and that they (the consumer) have committed an act of insolvency or are, in fact, insolvent.

When a company is bankrupt it will get liquidated. If a private person does this it is called Sequestration. In a way it means you are legally non-existent. Just like a bankrupt company. There is no money, you can’t open a bank account, and no one can sue you as you are non-existent.

Let's discuss your financial situation

Our Sequestration process starts with an Obligation Free Debt Assessment.

Our Free Debt Assessment is structured to give you a complete overview of your financial situation before choosing a debt solution.

With the assessment, you are assigned your own dedicated financial specialist. When completing the assessment, we take into consideration your living expenses and all your current debt obligations, we then evaluate and advise you on the correct action to take.

The assessment is obligation free and once complete; it is up to you whether you would like to make use of our services. Your dedicated financial specialist will then assist you through the entire process, from application to clearing your debt. You retain control!

 

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