Exclusively For Business Owners:

Owning and managing the profitability of a business, whether it be a CC or a Company, can be an exceedingly stressful undertaking. Aspiring entrepreneurs may not fully comprehend the considerable pressures that come with having their own enterprise. It is not uncommon to experience negativity from your employees, but they need to recognize the financial burdens that accompany business ownership. Numerous expenses must be addressed, such as salaries, rent, telephone bills, interest on bank overdrafts, and taxes, including SARS.

Regrettably, many businesses inevitably encounter a point of no return wherein their debt eclipses their income. When this predicament arises, the proprietor, their immediate family, and even the stakeholders of a company can become overwhelmed by stress. Often, sub-optimal business deals are hastily arranged as a means of providing immediate relief, albeit with negative long-term consequences. Liquidation might be your only viable option. Our legal representatives will assist you, making the process as uncomplicated as possible.

Liquidation Process:

The Liquidation process can be initiated in the following circumstances:

• Members or Directors voluntary liquidation, which is initiated when the company’s Members or Directors pass a special resolution or a court application to wind up the business. This total procedure will be handled by our skilled legal representatives.

Important Points:

Surety:

If someone signed surety for a CC or company and that entity subsequently enters into liquidation, the creditor (such as a financial institution) will legally hold the person who signed the surety personally liable for the payment of the outstanding debt owed by the CC or company.

The South African Revenue Services (SARS):

The reality is heartbreaking, as it has become increasingly common for SARS to be the only creditor owed in many liquidation cases. However, in such instances SARS will be considered as a creditor and the taxes owed will be included in the liquidation application.

Costs Of Business Liquidation:

Some companies can charge exorbitant fees for liquidation services. Realizing the predicament our clients find themselves in, we strive to limit our fees to the utmost minimum.