PROCEDURE
NATURAL PERSON:
1. VOLUNTARY SURRENDER
2. COMPULSORY SURRENDER
3. BUSINESS RESCUE
, VOLUNTARY SURRENDER
PAGES 33 – 35
TO APPLY:
1. Factual and not commercial insolvency
2. Do not rely on an act of insolvency
3. Sufficient assets to defray the cost of
sequestration
4. Advantage to creditors in money
5. Why insolvency is better than NCA process
6. Complied with formalities
, FORMALITIES
(Section 4 of the Insolvency Act)
1. PUBLICATION OF NOTICE OF SURRENDER
2. NOTICE TO CREDITORS
3. NOTICE TO EMPLOYEES AND TRADE UNIONS
4. LODGING OF STATEMENT OF AFFAIRS
NATURAL PERSON:
1. VOLUNTARY SURRENDER
2. COMPULSORY SURRENDER
3. BUSINESS RESCUE
, VOLUNTARY SURRENDER
PAGES 33 – 35
TO APPLY:
1. Factual and not commercial insolvency
2. Do not rely on an act of insolvency
3. Sufficient assets to defray the cost of
sequestration
4. Advantage to creditors in money
5. Why insolvency is better than NCA process
6. Complied with formalities
, FORMALITIES
(Section 4 of the Insolvency Act)
1. PUBLICATION OF NOTICE OF SURRENDER
2. NOTICE TO CREDITORS
3. NOTICE TO EMPLOYEES AND TRADE UNIONS
4. LODGING OF STATEMENT OF AFFAIRS
