Verskil tussen likwidasie en sekwestrasieproses

Die aansoek prosedures vir likwidasie of sekwestrasie word dikwels met mekaar verwar, en baie mense dink dat die prosesse dieselfde is. Daar is egter ‘n groot verskil tussen die twee.

‘n Eenvoudige definisie van likwidasie is die proses waardeur ’n maatskappy sy vry (onbeswaarde) bates verkoop, om sodoende die bates te omskep in kontant wat gebruik kan word om die firma se gesekureerde skuldeisers te betaal. Voordat ‘n aansoek om likwidasie deur die hof uitgereik kan word, moet ‘n beëdigde verklaring opgestel word. Hierdie verklaring sal alle besonderhede van die Applikant en / of Respondent insluit. Die Applikant verwys na die persoon wat die maatskappy wil likwideer en die Respondent is die maatskappy wat gelikwideer word. In die geval waar die Applikant die maatskappy self is, sal daar geen Respondent wees nie. Die beëdigde verklaring sal ook besonderhede van die maatskappy, werknemers en die krediteure insluit. ’n Sekerheidstelling moet ook vir die doel van die Meester van die Hooggeregshof onderteken word.

Sodra die aansoek uitgereik word, sal die balju afskrifte van die aansoek aan die Suid-Afrikaanse Inkomstediens (SAID), die Meester van die Hooggeregshof, werknemers van die maatskappy en enige vakbonde beteken. Sodra dit gedoen is, word ‘n meestersertifikaat verkry vir die verifikasie van die aansoek, en ‘n voorlopige likwidasiebevel word toegestaan. ‘n Keerdatum word dan vasgestel, en al die krediteure word in kennis gestel van die voorlopige likwidasie deur geregistreerde pos sowel as deur die plasing van die voorlopige bevel in twee plaaslike koerante. Indien die Applikant se prokureurs nie verdediging ontvang nie, sal ‘n finale likwidasiebevel toegestaan word. Die bevel tesame met die aansoek word na die Meester van die Hooggeregshof gestuur en ‘n likwidateur sal aangestel word.

Individu wat reeds alle ander opsies om hulle skulde te vereffen uitgeput het, sal gesekwestreer word, aangesien hulle hulself nou in ‘n posisie bevind waar,  selfs as al hul bates verkoop word, sou hulle steeds te veel uitstaande geld hê, en dit sou onredelik wees om te verwag dat hulle van die verlies herstel. ʼn Sekwestrasie behels meer administratiewe werk alvorens ‘n hof datum verkry kan word. Voordat die kennisgewing van die mosie en beëdigde verklaring opgestel word, moet ‘n waardeerder aangestel word om die Applikant of die Respondent se boedel te waardeer. Daar moet bepaal word of die skuldenaar inderdaad oorbelas is, en of hy/sy oor genoegsame bates beskik om  die skuld te kan delg.

In die geval van ‘n vrywillige sekwestrasie sal die Applikant die party wees wie se boedel gesekwestreer word. Die waardeerder moet die eiendom van die Applikant op ‘n gedwonge verkoopskaal  waardeer. Om dit te bereken word 20% vanaf die werklike waarde van die eiendom afgetrek.

Sodra ‘n beraming deur ‘n waardeerder gemaak is van die Applikant/Respondent se boedel, moet ‘n verklaring van die skuldenaar se sake aan die Meester van die Hooggeregshof oorhandig word. Dit moet nie minder as 14 of meer as 30 dae voor die hof datum gedoen word nie. ‘n Kennisgewing van oorgawe moet ook aan alle skuldeisers gestuur word, deur middel van geregistreerde pos, om hulle van die bogenoemde in kennis te stel.

Die kennisgewing van oorgawe moet in twee plaaslike koerante, sowel as in die Staatskoerant geplaas word,  nie minder as 14 of meer as 30 dae voor die hof datum. Sodra al die bogenoemde gedoen is, kan dit by die beëdigde verklaring aangeheg word en deur die hof aangehoor word. Geen sekerheidstelling is nodig nie.  ʼn Sekwestrasie kan slegs aangehoor word deur die Hooggeregshof, terwyl ‘n likwidasie deur ‘n Landdroshof of die Hooggeregshof aangehoor kan word, afhangende van die meriete van die saak.

Hierdie artikel is ‘n algemene inligtingstuk en moet nie gebruik of staatgemaak word op as professionele advies nie. Geen aanspreeklikheid kan aanvaar word vir enige foute of weglatings of vir enige verlies of skade wat voortspruit uit vertroue op enige inligting hierin nie. Kontak atyd jou finansiële adviseur vir spesifieke en gedetailleerde advies.

Differences between liquidation and sequestration process

The application for liquidation and sequestration processes are often confused. Many people think that the processes are the same. However, there is a big difference between these two processes.

A simple way to describe liquidation is that liquidation is the winding up of a firm by selling off its free (un-pledged) assets to convert them into cash to pay the firm’s unsecured creditors. Before a liquidation application can be issued in court, a founding affidavit needs to be drafted. This affidavit will include all the details of the Applicant and / or Respondent. The Applicant is the person who wants to liquidate the company and the Respondent is the company. In the case where the Applicant is the company, there will be no Respondent. The affidavit will also include any details of the company, employees and creditors. A bond of security also needs to be signed for the purpose of the Master of the High Court.

Once the application is issued, the only people who receive this notice is the South African Revenue Services (SARS), the Master of the High Court, employees of the company and any trade unions. As soon as this is done, a Master’s certificate is obtained verifying the application, and a provisional liquidation order is granted.  A return date is then set, and all creditors are notified of the provisional liquidation through registered post and by placing the provisional order in two local newspapers. Should the Applicant’s attorneys receive no notice of intention to defend the matter, a final liquidation order is granted. The order together with the application is sent to the Master of the High Court and a liquidator will be appointed.

Sequestration is the preferred option for the individual who has exhausted all other options of resolution, and is now in a position where even if all their assets are sold, they would be left with such a high shortfall that it would be unreasonable to expect them to recover from this loss. A sequestration involves a little more administration work before a court date can be obtained. Before the Notice of Motion and Founding Affidavit are drafted, a valuer needs to be appointed in order to value the Applicant or Respondent’s estate. This needs to be done in order to ascertain whether the debtor is indeed over-indebted, and whether he / she has enough assets to provide a benefit for all creditors involved.

In the matter of a voluntary sequestration, the Applicant will be the party whose estate is to be sequestrated. The valuer needs to value the property of the Applicant on a forced sale scale. This will be calculated by subtracting 20% of the actual value of the property.

As soon as the valuer has made an estimate for the Applicant / Respondent’s estate, a Statement of Debtor’s Affairs needs to be handed in to the Master of the High Court for inspection by all creditors. This needs to be done no less than 14 or more than 30 days before the court date. A Notice of Surrender needs to be sent through registered post to all creditors to inform them that the Statement of Debtor’s Affairs is available for inspection.

The Notice of Surrender needs to be posted in two local newspapers and the Government Gazette no less than 14, or more than 30 days before the court date. Once all of the above-mentioned requirement has been adhered to, the notice of surrender can be annexed to the Founding Affidavit and can be heard by the court, no Bond of Security is needed at this point. A sequestration can only be heard by the High Court, whereas a liquidation can be heard either by a Magistrate’s Court or by the High Court, depending on the merits of the case.

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice.