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Yes. All debts and creditors claims, prior to date of sequestration, vest in the insolvent estate and regarded as settled at date of rehabilitation.  

No. Section 23(5) read with 23(9) & Section 23(7) protects your income together with any pension benefits that you may receive.

Sections 20(1)(b) stops all legal action by or against the insolvent in terms of the insolvency act.

During the application for voluntary sequestration, you refer all creditors to us and we will correspond and deal with them.  

Sequestration is the process of declaring yourself insolvent/bankrupt (voluntary surrender of your estate) a High Court application under the Insolvency Act. You can apply for SEQUESTRATION in the following instances:

• A natural person’s liabilities (debt) exceeds their assets
• Judgement has been obtained on your assets
• The client has shortfalls on assets after repossession
• The client cannot service the debt monthly and declare to the creditors that installments can’t be met, this is an act of insolvency

The effect of a Voluntary Sequestration Court Order is that creditors must claim from the separate insolvent estate / surrendered estate. Creditors can not claim any money from you as their individual execution steps are stopped.

The trustee takes control of the entire estate and executes the administrative tasks. This process creates a concursus creditorium whereby the individual creditor’s actions stay and all creditors are handled by an orderly collective collection process administrated by the trustee