Our firm has a strong understanding of the laws and legislation pertaining to Insolvency and we pay meticulous attention to detail in the execution of such matters.
Our Insolvency Department specialises in all aspects of insolvency law, covering the full spectrum of legal advice on the feasibility of commencing or opposing sequestration/liquidation proceedings. The Department also offers expert services in opposing such proceedings or initiating counter-proceedings.
We also undertake a wide variety of litigation-related work emanating from sequestration and liquidation orders, conducting enquiries in terms of the Companies and Insolvency Acts and advising clients on various legal issues arising from these enquiries. A breakdown of the aforementioned includes:
- Liquidation And Sequestration Applications
Our firm offers years of experience in the field and can advise clients on the most expedient method of corporate recovery, by way of liquidation or sequestration applications.
- Enquiries And Investigations
In various instances such inquiries are vital for creditors and liquidators so as to assess and advise on the validity of claims submitted by creditors with a view to institute proceedings against directors and others personally.
- Schemes Of Arrangement And Offers Of Compromise
Arrangement and offers of compromise are pivotal so as to acquire or restructure a business. This may involve arrangement regarding the workforce, on existing contracts and in respect of the possible tax consequences of any proposed schemes.
- Voluntary Windings Up
We are well versed in the implications of personal liability, upon which we are able to offer detailed advice. We are also able to advise on the circumstances when a deregistration of the local subsidiary may be considered as an alternative.
- Business Rescue
Our firm attempts to provide the best legal assistance in circumstances where the restructuring of companies in financial distress is required. This is In line with the recent trend under Chapter 6 of the new Companies Act, No. 71 of 2008 which introduces business rescue to the South African business landscape.
Our clients who suffer financial distress or which trade in insolvent circumstances have an opportunity to reorganise and restructure. This has far reaching effects on creditors, financial institutions, shareholders, employees and restructuring specialists.
The purpose of business rescue is to maximise the likelihood of our clients continued existence on a solvent basis as well as guarantee a better return for the company’s creditors or shareholders than would result from an immediate liquidation of the company.