Obligations of a liquidator
A liquidator performs numerous duties to achieve the purpose of liquidation (the realisation of assets, the satisfaction of creditors, etc.).
Voidness, unenforceability and voidability of legal acts detrimental to creditors
Any favouritism or detrimental acts by the debtor may be penalised in insolvency proceedings.
Authorisation and approval of debt relief
Debt relief may be requested by an ‘honest’ debtor who is able to make a minimum repayment or has realisable assets. The creditors decide on the form ...
Reasons for initiating liquidation
Liquidation begins at the end of a certain period, once the purpose behind the formation of the legal entity has been achieved, further to a decision ...
Completion of debt relief
Deb relief ends with a court resolution acknowledging the full implementation of debt relief.
Costs of insolvency proceedings
The costs of insolvency proceedings are covered by the estate. They are covered primarily by the debtor and secondarily by either the petitioner’s dep...
Registration of creditors’ claims
Creditors register their claims with the insolvency court using a prescribed form, and may do so from the opening of insolvency proceedings until the ...
Obligations of an insolvency practitioner
The obligations of an insolvency administrator depend on how the insolvency is to be handled.