Your Company or Close Corporation in dire straights? Trading in insolvent circumstances? No reasonable prospects of trading out of this position. Consult with an experienced attorney and explore your options and way forward. Find the most optimal solution available to you. First 30 minutes free. Find answers. Get your life . You probably have many questions regarding the way forward or the possible liquidation of your Company/Close Corporation. We suggest you make an appointment for a free consultation to discuss all questions in detail. You can only make an informed decision after a complete evaluation of all the facts.
We pride ourselves in being very approachable. Everything divulged in this consultation will be kept strictly confidential and is subject to attorney client privilege.Liquidation explained
Liquidation is a legal process in which a liquidator is appointed to 'wind up' the affairs of a limited company. At the end of the process, the company ceases to exist. Liquidation does not mean that the creditors of the company will get paid. The purpose of liquidation is to ensure that all the company's affairs have been dealt with properly. This involves:
- ensuring all company contracts (including employee contracts) are completed, transferred or otherwise brought to an end;
- ceasing the company's business;
- settling any legal disputes;
- selling any assets;
- collecting in money owed to the company; and
- distributing any funds to creditors and returning share capital to the shareholders (any surplus after repayment of all debts and share capital can be distributed to shareholders).
Contact Insolvency Division Louwrens Koen Attorneys