Liquidation Proses South Africa
[02/12, 08:52] Liquidation Experts: Good day
Trust you are well, I would like to thank you for visiting our website,
Please confirm which option will suite you best, and confirm the same via
email, for a free and confidential assessment.
Please see Example of Liquidation via the Companies Office, and other
information.
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1. WHAT WILL WE DO FOR YOU?
There are several benefits to working with liquidation experts, including
the following:
2. Deals with the Creditors (Workers, SARS, Landlord).
3. Assist with the process prior to Liquidation and after
Liquidation.
4. All Legal Actions stops when a Company Applied for Liquidation.
5. Assist and advice the Directors and Shareholders.
6. Take control of the Liquidated Business and assets.
7. Arrange that assets be sold and Creditors be paid.
8. Assist Directors with opening of a New Business and start afresh
debt free tomorrow, buy back the Assets that is needed (Business
Restructuring) with New Companies and Trust to save guard Directors and
Assets.
9. We will draft the Liquidation documents and submit the Liquidation
documents to Liquidate the CC or Pty
10. Assist the Director or Member in the Liquidation of the Company or
Close Corporation.
11. Help Secure the Assets till the Master of the High Court has
Appointed a Provisional Liquidator.
12. Assist the Directors and Members with any matters relating to the
Liquidation.
13. We will thus also arrange the Appointment of a Liquidator and
assist with the process from Point A- Z
14. Expertise and experience: Liquidation experts have the knowledge
and experience to handle the complex process of liquidating a company's
assets and paying off its debts.
15. Time and resources: Working with liquidation experts can save a
company time and resources, as the experts can handle the process on
behalf of the company.
16. Objectivity: Liquidation experts can provide objective advice and
guidance on the best course of action for a company, as they are not
emotionally involved in the business.
17. Debt resolution: Liquidation experts can help a company resolve
its debts and move forward in a more stable financial position.
Overall, liquidation experts can provide valuable assistance to companies
facing financial distress, helping them navigate the liquidation process
and achieve the best possible outcomes.
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As discussed, please complete the attached form (Liquidation Application)
to enable me to prepare for the meeting and draft the documents if
required.
Please note that we can look at different scenarios.
1. Liquidation of Solvent Insolvent Businesses
2. Business Rescue,
3. Creditors' Compromise, etc.
We will contact you later today to discuss the matter and the way
forward. Each business has a different case scenario, and we have to plan ahead before we start with the whole liquidation process.
Attached hereto is the following:
• This is an Excel Form that needs to be completed as far as
possible and emailed back to us, to enable us to assist you in making the right decision.
• Once we have received all the information, we can start to
analyse the financial status of your business.
_________________________
Kindly complete the same and send the following information if available and possible: All documents and information are confidential.
Pastel or QuickBooks Print out – If Available
1. A List of creditors
2. A List of Debtors.
3. A List of workers and their salaries
4. A List of Assets under Finance with Contract details (statements or balances).
5. A List of other assets – stock, tools and equipment.
6. Management Statements and or Financial Statements. –(If
Available)
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Once the Company or Close Corporation has been Liquidated, we will deal
with all the Creditors of the Liquidated Company or Close Corporation.
Thus, this will not be your headache anymore!!!!!!!!!!!
When a Company or Close Corporation is Liquidated all LEGAL ACTION STOPS
IMMEDIATLY. No Creditor can attach any Assets.
A Provisional Liquidator will by Appointed by the Master of the High
Court to deal with the Assets and Liabilities of the PTY/CC.
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There are two options that we can assist you with.
Cost & Process of Voluntary Company Liquidation (guideline):
Option 1 – R 10 000 Liquidation of Business via Companies Office (CIPC)
(Fee Agreement if Applicable when assistance and advice is required)
Phase #1: Application @ R 10 000 all-inclusive During this phase, we’ll
consult you on the exact steps to take with employees / personal surety /creditors / SARS. Then we’ll prepare your liquidation application. To start the liquidation process, you only need to pay this R 10 000 all fee.
Phase #2: Legal Steps Our legal partner drafts and lodges the required
documents to ensure your Voluntary Company Liquidation at CIPC is logged and thereafter goes through successfully to the Master of the High Court
of South Africa.
Depending on your situation you may need to pay for extra-legal /
re-structuring services, for example if you signed surety for debt. This
will be quoted separately and is different for different companies and is not always relevant.
WHAT WILL WE DO FOR YOU? R10 000 all inclusive
Assist the Director or Member in the Liquidation of the Company or Close
Corporation.
Phase #1: Application During this phase, we’ll consult you on the exact
steps to take with employees, personal surety, creditors, and SARS. Then we’ll prepare your liquidation application. To START the liquidation
process, you only need to pay this R10 000 all-inclusive fee.
Phase #2: Legal Steps @ cost to be discusses, based in complexity,
all-inclusive. After this application process has been completed, our
legal team will ensure your Voluntary Company Liquidation at CIPC is
logged; and thereafter goes through successfully to the Master of the High
Court of South Africa.
Depending on your situation, you may need to pay for
extra-legal/re-structuring services, for example if you signed surety for
debt.
Please note that the ANNUAL RETURNS at CIPC must be up to date, we can
also assist you in this regard.
We will draft the Liquidation documents and submit the Liquidation
documents to Liquidated the CC or Pty.
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Option 2—same will be discussed based on complexity, case by case.
(Depending on Assets and Liabilities(SARS, Workers, and all other Debt)
The Cost & Process of Voluntary Company Liquidation (guideline):
Arrangements can be made to pay off the amount in 2 or 3 instalments.
(Arrange Appointment of a Liquidator) + (Fee Agreement if Applicable
when assistance and advice is required)
WHAT WILL WE DO FOR YOU?
•We will draft the Liquidation documents and submit the
Liquidation documents to Liquidate the CC or Pty
•Assist the Director or Member in theLiquidation of the Company or Close Corporation.
•Help Secure the Assets till the Master of the High Court has Appointed a Provisional Liquidator.
•Assist the Directors and Members with any matters relating to the Liquidation.
• We will thus also arrange the Appointment of a Liquidator and assist with the process from Point A- Z
Phase #1: Application During this phase, we’ll consult you on the exact
steps to take with employees, personal surety, creditors, and SARS. Then we’ll prepare your liquidation application. To START the liquidation process, you only need to pay this @ cost to be discusses.
Phase #2: Legal Steps @ cost to be discusses, based in complexity,
all-inclusive. After this application process has been completed, our
legal team will ensure your Voluntary Company Liquidation at CIPC is
logged; and thereafter goes through successfully to the Master of the High
Court of South Africa.
Phase 3: Potential Future Costs: Once your liquidation application
reaches the Master of the High Court, there will be a registered
"liquidator" hired to represent your case. Only if your Company has no
assets will you need to pay him/her out of your own pocket. The
Liquidator cost is normally around @ cost will be discussed based on
complicity of the case, SARS, debt, workers, etc., bringing your total
cost of liquidation to cover the cost of the post liquidation. If your
Company has enough assets, the Liquidator will be paid his/her fee from
the liquidation process.
Depending on your situation, you may need to pay for extra-legal/re-structuring services, for example if you signed surety for debt. This will be quoted separately and is different for different
companies and is not always relevant.
Please note that the ANNUAL RETURNS at CIPC must be up to date, we can also assist you in this regard.
We will draft the Liquidation documents and submit the Liquidation documents to Liquidated the CC or Pty
[02/12, 08:52] Liquidation Experts: WHEN MUST A DIRECTOR OF SHAREHOLDER APPLY FOR LQIUIDATION
ARE DIRECTORS UNDER OBLIGATION TO PUT THE COMPANY UNDER RESCUE OR IS IT A
CHOICE UNDER THE NEW COMPANIES ACT!
S129(7) (As amended by Sec 82 of Act 3 of 2011)
If the board of directors of a company has reasonable grounds to believe
that the company is financially distressed, they must either.
•Put the company under business rescue, or.
•Deliver a written notice to all shareholders, creditors,
employees, and trade unions, that the company is financially distressed,
and give reasons why the company is not put under Rescue
•The new companies’ act’s profound influence on the
liability of Members and Directors:
•The new Companies Act No. 71 of 2008 came into effect on
May 1, 2011. Before the New Law came into effect, the Old Companies act
placed no direct obligation on directors and members when A company / CC
were in financial problems.
If the above are not met, it is a criminal offence.
[02/12, 08:52] Liquidation Experts: •ONCE THE PTY/CC HAS BEEN PLACED INTO LIQUIDATION SARS MAY NOT PROCEES
WITH ANY LEGAL OR CRIMINAL ACTION
Please note that SARS can proceed with Criminal Proceedings:
In terms of either section 91 of the Income Tax Act and/or section 40 of
the Value-Added Tax Act and/or section 14 of the Unemployment Insurance
Fund Act and/or section 13 of the Skills Development Levy Act you are
hereby notified that should you fail to make full payment within 10
business days from the date of this notice, a statement will be filed with
the relevant clerk of the Magistrates’ Court or the registrar of the High
Court, upon which a civil judgement for a liquid debt will be entered
against you in SARS’ favour for the above amount together with interest. A
warrant/writ of execution may then be issued to attach and sell your
assets
In addition, you are hereby informed that SARS may without notice appoint
an agent, as described in the provisions of section 99 of the Income Tax
Act and/or section 47 of the Value-Added Tax Act and/or section 14 of the
Unemployment Insurance Fund Act and/or section 13 of the Skills
Development Levy Act, to pay the outstanding amount on your behalf.
Furthermore, the submission of either Value-Added Tax and/or PAYE returns
without payment constitutes a criminal offence in terms of either section
58(d) of the Value-Added Tax Act and/or paragraph 30(a) of the Fourth
Schedule to the Income Tax Act. SARS reserves the right to institute
criminal proceedings in this regard.
SARS : Liability under Tax Administration Act
On 1 October 2012, the Tax Administration Act was promulgated. referred
to TAA for short.
Under the TAA, Directors, Members, Internal Bookkeepers, External
Auditors are all liable for the Companies outstanding taxes. SARS can
issue civil and criminal summons in this instance.
Should you be behind on your taxes, it is a serious matter and will need
to be dealt with rather urgently to try and mitigate these risks.
Please consult with us to find out what legal recourses are at your
disposal.
Trust you will find the above in or
der.
[02/12, 08:52] Liquidation Experts: Kindly please send emails for more information and the process and pros and cons and cost
