A person against whose estate a sequestration order has been made or who has become a bankrupt by virtue of the presentation of a debtors petition.
May 10
BANKRUPT
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Voluntary Administration is a process where an insolvent company appoints an independent administrator to assess all available options and produce the best resolution for the company and its creditors
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A creditors’ voluntary liquidation occurs when the company’s members determine that the company can no longer satisfy its debts
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Small Business Restructuring provides a company time to put forward a plan to creditors to pay off their liabilities
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A court liquidation involves a liquidator being appointed to realise the company’s assets, investigate the company’s failure and disburse the funds to creditors according to priority
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A receivership is an option for secured creditors to recover unresolved debts under a secured loan in the event that a business defaults on its loan payments
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A Personal Insolvency Agreement (also known as Part X or Part 10) is a legally binding agreement between a debtor and creditors to satisfy their debts.
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The term Deceased Estate refers to all the assets, liabilities and debts that belong to a person who has passed away.
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A Statutory Trustee is a person or persons appointed by the Court for the purpose of selling real property, such as land and the houses or buildings on it.
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