a claim for damages as a result of defamation or personal injury.<\/li>\n<\/ul>\nAn insolvent may also sue their trustees if the estate is mismanaged.<\/p>\n
Duration of sequestration<\/h2>\n
Yours sequestration will automatically fall away after 10 years, at which time you will be legally considered rehabilitated. However, you can apply to court for your rehabilitation before the 10-year period is up.<\/p>\n
You can apply for rehabilitation 12 months after the trustees\u2019 first account is confirmed.<\/p>\n
Certain exceptions apply, however. If you have been sequestrated before, you may apply to court for rehabilitation only three years after the trustees’ first account is confirmed. If you were convicted of fraud or certain other offences related to insolvency, you may apply for rehabilitation only after five years.<\/p>\n
So why apply for your own sequestration?<\/h2>\n
Once an order is granted for your sequestration, your creditors will no longer be able to pursue any claims against you personally. Instead your creditors submit claims to your trustees. Even on-going court claims against you and judgments must be pursued with your trustees.<\/p>\n
In other words, once you are sequestrated, you no longer have to deal with creditors. That becomes your trustees\u2019 problem.<\/p>\n
Once you are legally rehabilitated, you will be free from any limitations imposed on you by your sequestration. You’ll also be free from all debts that existed at the time of your sequestration.<\/p>\n
This means that voluntary surrender is ideal if your financial position is such that it’s simply impossible to escape a debt trap.<\/p>\n
Your first proactive step<\/h2>\n
If you’re considering voluntary surrender (sequestration), the best first step you can take is to contact a suitably qualified insolvency attorney.<\/p>\n
We have extensive experience in handling sequestrations, our service is highly confidential and we pride ourselves in making our clients feel at ease.<\/p>\n
For further information, please contact Jonathan Musikanth on 087 802 9930.<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"If you find yourself unable to cope financially, there are a number of legal avenues you may choose to follow. For example, you can apply to be placed under administration in terms of the Magistrate\u2019s Court Act, or to be placed under debt review in terms of the National Credit Act. A further option is […]<\/p>\n","protected":false},"author":1,"featured_media":209,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/www.jmattorneys.co.za\/wp-json\/wp\/v2\/posts\/205"}],"collection":[{"href":"http:\/\/www.jmattorneys.co.za\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.jmattorneys.co.za\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.jmattorneys.co.za\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.jmattorneys.co.za\/wp-json\/wp\/v2\/comments?post=205"}],"version-history":[{"count":1,"href":"http:\/\/www.jmattorneys.co.za\/wp-json\/wp\/v2\/posts\/205\/revisions"}],"predecessor-version":[{"id":208,"href":"http:\/\/www.jmattorneys.co.za\/wp-json\/wp\/v2\/posts\/205\/revisions\/208"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.jmattorneys.co.za\/wp-json\/wp\/v2\/media\/209"}],"wp:attachment":[{"href":"http:\/\/www.jmattorneys.co.za\/wp-json\/wp\/v2\/media?parent=205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.jmattorneys.co.za\/wp-json\/wp\/v2\/categories?post=205"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.jmattorneys.co.za\/wp-json\/wp\/v2\/tags?post=205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}