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SequestrationToo much debt? Sequestrate! Sequestration is the only process in south africa for an individual to write off debt.
Successful sequestration proceedings results in an individual being freed from overwhelming debt obligations, which in turn, enables one to make a “fresh” financial start.
This is however subject to certain conditions, which amongst other things, require that the proceeds obtained from the sale of personal assets, are fairly distributed, by an appointed curator, between all existing creditors.
Insolvency is an umbrella term for voluntary surrender, sequestration and liquidation. Individuals sequestrate and entities (Close Corporations, Companies, Trusts) liquidate. Voluntary surrender and forced sequestration is basically the same thing – it just depends on who brings the application.
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Estate An estate is the net worth of a person at any point in time. In this sense the life’s work of your loved one, it is the sum of a person's assets – legal rights, interests and entitlements to property of any kind – less all liabilities at that time.
The issue is of special legal significance on a question of bankruptcy and death of the person.
In context of probate, the estate of a deceased person consists of all the property, whether real or personal, owned by the person at the time of death. Assets that pass to somebody else by operation of law (for example, property held on a joint tenancy basis), do not form part of the deceased estate, even though the person had rights to that property during his or her lifetime.
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Divorce When you’re about to get married the last thing you want to think about is divorce.
But in today’s society, it pays to be aware of these things so allow me to fill you in on a few facts. In July this year, the Divorce Act 70 of 1979 will have been in force for 31 years.
Prior to 1979 there were 4 grounds for obtaining a divorce: Adultery and desertion were sufficient grounds for divorce under common law whilst the prevailing legislation then in force cited “incurable insanity “and “imprisonment of at least 5 years as a result of habitual criminality” as being the other 2 grounds that one could cite to justify grounds for a divorce. In other words save for insanity, the system in place was based on the “fault system” i.e. divorce was based on the assumption that one of the parties was at fault.
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A little on us.
In short, the work of the Motloba attorneys can be summed up as making sure that any and all transactions, whether personal or business related, are conducted in a manner that is in full agreement with the laws of the land, and can be considered proper and binding. All the while, we pursue to ensure that the best interests of our client, and the letter and intent of the law, are observed and appreciated.
MOTLOBA ATTORNEYS was established in 1998. Our offices are situated in the Pretoria city center within the proximity of the Road Accident Fund, Magistrates’ Court offices, High Court offices and also to many other important institutions.
Our main objective since inception is to render quality professional legal services to communities within and outside the jurisdiction of the Tshwane Metropolitan City Council and to all other provinces in all spheres of law.
