Insolvency / Liquidation

Article courtesy of Law Dot News | Insolvency / Liquidation - Ponzi Schemes Ponzi Schemes: Can Liquidators Claw Back 600% of Payouts? “MTl’s business clearly amounted to an unlawful ponzi-scheme, i.e. a fraudulent investing scam promising high rates of return to investors and generating returns for earlier investors with investments taken from later investors.” (Extract from the MTI judgment) RecentRead more

Article courtesy of Law Dot News | Debit Recovery | Insolvency | Liquidation Creditors: How to Secure Your Claim with a Notarial Bond You should always take as much security for your claims as you possibly can before advancing credit or lending money to a debtor. That’s because if your debtor fails and is “liquidated” (if a corporate) or “sequestrated”Read more

Article courtesy of Law Dot News | Debit Recovery | Insolvency / Liquidation Application Debtor Not Paying? Consider a Liquidation Application “When debtors once have borrowed all we have to lend, they are very apt to grow shy of their creditors’ company” (John Vanbrugh) Bad debt is a major issue for many businesses in these hard economic times – notRead more

Article courtesy of Law Dot News | Business Law | Corporate Compliance “Creditors have better memories than debtors” (Benjamin Franklin) In these hard times of pandemic and economically destructive unrest, an unfortunate number of businesses face collapse, and many will opt for the “first aid for companies” option of business rescue. Creditors coming out of that process with a shortfallRead more

Sequestrate

Article courtesy of Law Dot News Buying a Business? Make Sure the Seller Publishes Notice of the Sale “The purpose of the legislature in enacting s 34(1) is to protect creditors by preventing traders who are in financial difficulty from disposing of their business assets to third parties who are not liable for the debts of the business, without dueRead more

Article courtesy of Law Dot News Business Law - Directors Dispute, the Liquidation Option? “Family quarrels are bitter things. They don’t go according to any rules” (F. Scott Fitzgerald) A company’s directors have both the power and the duty to manage the company’s affairs for its benefit. When two or more directors are in place, it’s perhaps natural for theRead more

Article courtesy of Law Dot News “Some people use one-half their ingenuity to get into debt, and the other half to avoid paying it” (George Prentice, newspaper editor and author) You are owed a lot of money by a company that goes into business rescue. The business rescue plan provides for creditors like you to accept a dividend of only

Read more

Article courtesy of Law Dot News Liquidation or Sequestration Law - Proving Your Claim “A small debt produces a debtor; a large one, an enemy” (Publilius Syrus, Roman writer) You are owed money by a debtor, whose “insolvent estate” is “sequestrated” (in the case of an individual or trust) or “liquidated” (in the case of a company or other corporate).Read more