VOLUNTARY SURRENDER

VOLUNTARY SURRENDER

As one of the most effective debt solutions options available, the greatest advantage is that there is no debt limit involved. The process enables you to write-off all your debt, subject to proving that a minimum dividend of 20c per Rand owed, will be payable to your concurrent creditors (the creditors without any security for repayment of the debt owed to them).

At Grobler Malope Inc we assist our clients who wish to pursue this option with everything from drafting the application, obtaining the Court Order and dealing with their appointed trustee, to eventually qualifying for their rehabilitation. We are unique as we go through the entire process with you, unlike our opposition.   

The sequestration process can be described as follows:  

  1. We supply you with a questionnaire which you need to complete as thoroughly as possible before you return it to us. 
  2. We will analyse it to ensure this is indeed the correct and most feasible option for you. 
  3. One of our attorneys will contact you to discuss any questions or queries you might have and provide you with a quote for our services. 
  4. Once you confirm our instruction to proceed and effect payment of our required deposit, the required Statement of Affairs will be drafted and sent for your approval. 
  5. The application, including your affidavit and the supporting documentation will then be drafted and sent to you for approval. 
  6. The required adverts will be drafted and submitted to publication.
  7. The Statement of Affairs will be sent off to lie open for public inspection while the application will be sent off to be issued and enrolled.
  8. We will proceed to inform creditors of the application and relevant court date. 
  9. Once the order has been granted, all your creditors will be sent a copy of the Court Order and be informed that in the future, they must deal with us or the to be appointed trustee(s).
  10. We will schedule a meeting with you and your appointed trustee as soon as possible, to discuss the and agree on the process to follow, as well as negotiate the repurchase of any specific assets.

For more information, either contact us or click on the link below to our Article Division in which this topic is covered much more comprehensively. 

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