How to liquidating assets
One can only sequestrate, in terms of the Insolvency Act, if one owns a property (or other big, fully paid assets) or if one has cash.
If one does not own property and if one does not have a certain amount of cash, then one cannot sequestrate.
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These forward-looking statements involve substantial risks and uncertainties.
Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements the Company makes.
To start the liquidation process, the directors of a Company, or the members of a CC, or the trustees of a Trust, need to decide when the last day of trading will be.
As soon as the basic decision was made to close the entity down (this is basically the most difficult decision! The first important item is that no further debt must be paid once the decision has been made.
The liquidator is an authorised insolvency practitioner or official receiver who runs the liquidation process.