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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.


_________________________

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.


________________________

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)


_________________________

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.



_________________________

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.


__________________________________________________


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



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CONTACT
LIQUIDATION EXPERTS

 

OUR ADDRESS

A2, 43 Estcourt Ave, Wierdapark, Centurion, Gauteng

Vista Law Chambers. 410 Vista Drive, Faerie Glen, Pretoria

 Tshwane, Gauteng.  https://vistalawchambers.co.za/

Email: info@liquidationexperts.co.za

Tel: 087 153 5659
Fax: 086-516 5380

https://www.facebook.com/www.liquidationexperts.co.za

Office Cape Town: Business Hub, Alfred Chambers, 2nd Floor,
Cape Town Cruise Terminal,
V&A Waterfront,
Cape Town,
8001

Office Durban: 4A Glendale Avenue, Westville, Durban, Gauteng, 3629

USA

2055 Limestone Road
Wilmington
Delaware
United States

For any general inquiries, please fill in the contact form:

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