Our team has a wealth of experience and knowledge in dealing with insolvency enquiries. The Companies Act of 1973 and the Insolvency Act of 1936 provide for various forms of enquiries that can be held at the Master of the High Court or before a Commissioner. The purpose of these enquiries is wide and is generally aimed at investigating the affairs of an estate or a corporate entity. In some cases it is used to verify information in order to proceed with debt collection process or to investigate possible impeachable transactions that took place prior to the sequestration or liquidation.
We assess the viability of any enquiries, conduct the preliminary investigations into the affairs by inspecting the books and records and provide legal advice on the prospects of recovery should litigation become necessary following the outcome of an enquiry.
Our offices are conveniently located close to the Master of the High Court, Pietermaritzburg and we regularly attend the meetings at the various Magistrates Courts throughout KwaZulu-Natal and the Master of the High Court, Durban. If we are not appointed as the Insolvency Practitioner of a particular estate we often act on the instruction of creditors or Insolvency Practitioners to represent their interests at these meetings.In addition we are able to assist you with the completion of claim forms and ensuring that they are lodged and proved at the creditors' meeting as provided for in the Insolvency Act.
Asset Recovery Procedures
It often happens that the insolvent or the directors of the company in liquidation refuse to surrender the assets to the appointed insolvency practitioner. The Insolvency Act provides for the necessary tools to recover these assets. We have been successful in the recovery of vehicles, stock, books of account and records thereby preventing the illegal disposal thereof. We understand the urgency and nature of these matters and as such we are equipped with the needed manpower and skilled recovery teams to ensure a positive outcome for our clients.
As most of our team consist of legal professionals we are in a position to provide legal advice on matters relating to Insolvency, Corporate, Commercial and Business Rescue. We can also assess the various options available to an individual or corporate entity that finds itself in financial distress in order to determine whether it would be in their best interest to liquidate, place the entity under business rescue or follow an offer of compromise procedure.