Steps in the Liquidation Process


Provisional Sequestration/Liquidation Order granted


Master of the High Court (“Master”) appoints Provisional liquidator/trustee


Provisional appointee mails reports and send claim forms to all known creditors


Final sequestration/liquidation order granted


Master convenes 1st Meeting of creditors


1st meeting - for purpose of proving claims/ nominating final appointee


Master issues final certificate of appointment


2nd Meeting of creditors convened by final appointee upon receipt of final certificate of appointment


Advertisement appears in Newspapers + 2nd Meeting report is sent to all known creditors


2nd meeting takes place to adopt report and resolutions and prove claims


Assets (if not sold pursuant to extention of powers) are sold Special Meeting of creditors for prove of late claims (if required)


Lodge First Liquidation Account with Master


Master inspects account.


Appointee advertise that the account lies open for inspection


Appointee place advertisements in government gazette and newspaper & send circular regarding inspection period to all


Account lies open for inspection at Master & Magistrates office


Master confirms account


Payments are made to creditors in terms of confirmed account


Tuesday, 31 January 2017 Posted in Insolvency Law South Africa

Leave a comment

You are commenting as guest.