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LEADING 
INSOLVENCY FIRM

 

Why choose us

LEADER IN THE FIELD OF

INSOLVENCIES & LIQUIDATIONS

ADMINISTRATION OF INSOLVENT ESTATES, AND LIQUIDATIONS.

At Sebenza Trust, we place exceptional value on our people. Our investment in training and mentoring ensures that we have only the best personnel, who work tirelessly to provide unmatched service.

Our People

With restructuring professionals in 30 countries across 5 continents, our team has vast experience in national and international engagements, enabling us to support businesses in times of challenge and distress, wherever they may be based.

Our dedicated team of Business Rescue professionals is equipped to handle assignments across all of our South African offices, and we have a proven track record of helping financially distressed companies find the best possible solution.

 

Sebenza Trust offers an integrated and independent service across a range of markets and sectors, and is recognized internationally for our work in the Business Rescue space.

SEBENZA TRUST INSOLVENCY
PRACITIONERS 

SINCE 1998

43 Estcourt Ave, Wierdapark Centurion, Gauteng, South Africa

Vista Law Chambers, 406 Vista Drive, Faerie Glen, Pretoria, Gauteng, South Africa

Email: support@sebenzatrust.net

Tel: 087 153 5653 

Specializing in:

Insolvency Law Business Restructuring Rescue,Liquidations, Sequestration, Administration

Insolvency Litigation and Inquiries

Cryptocurrency Investigations scams

 

WHAT WE DO

WHO WE ARE

We specialise in the administration of Insolvent Estates, administration of Company and Close Corporation Liquidations, administration of Curatorship as nominated by the National Director of Public Prosecutions and the administration of receiverships as nominated by the South African Revenue Services.

WHAT WE DO

We have extensive experience in the trading of companies in liquidation, in lieu of saving jobs and disposing of companies as going concerns. Our professionals take appointments in various statutes and we also have experience in implementing schemes of arrangement in terms of Section 155 of the Companies Act 2008.

OUR VISION

To continuously render a professional and efficient service to all stakeholders with integrity, independence and honesty whilst being a sustainable entity that is representative of the demographics of the South African population.

our_vision
About us

At Sebenza Trust - Liquidators, we are dedicated to providing the best services for all your insolvency needs. With over forty years of experience in the industry, we have developed a reputation for being a reliable and trustworthy partner to our clients. We have worked on complex and large-scale cases, which have given us the knowledge and expertise to handle any situation that may arise. Whether you are an individual or a business entity, we are here to provide you with the solutions you need to move forward.

Mr. Roos
Glass Buildings

ABOUT SEBENZA TRUST LIQUIDATORS AND INSOLVENCY PRACITIONERS

MR. CHRISTOPHER ROOS - LIQUIDATOR

Sebenza Trust: Premier Liquidators and Insolvency Practitioners

Welcome to Sebenza Trust, a distinguished and contemporary firm specializing in Business Development, Restructuring, and Recovery services. Strategically headquartered in Centurion, we've been privileged to collaborate with prominent financial institutions and leading South African companies since our establishment.

Our reputation in the insolvency sector is unparalleled.

 

The Master of the High Court has frequently entrusted us with critical roles, recognizing our unique expertise that benefits creditors immensely. Our team, primarily comprising professionals with legal and accountancy backgrounds, has been instrumental in the liquidation of significant companies and insolvent estates. Over the past quarter-century, Sebenza Trust has emerged as a pivotal player in the insolvency domain across Southern Africa, handling numerous high-value estates.

Mr. Christopher Roos, a seasoned expert in the insolvency industry since 2002, is a licensed Insolvency Practitioner, Rescue, Restructuring & Recovery specialist, and Debt Counsellor. Joining Sebenza Trust in December 2002, Mr. Roos has since amassed a wealth of qualifications, including a Diploma in Insolvency Law and Practice from AIPSA (now SARIPA) and a Certificate in Deceased Estate Practice from the University of Johannesburg.

His expertise extends to the realm of cryptocurrency, with certifications like the Certified Cryptocurrency Expert from the Blockchain Council. Currently, he's pursuing further certifications in the blockchain domain.

Mr. Roos is an esteemed member of the Panel of National Liquidators, Curators of South Africa, Trustees, and Liquidators at the Master of the High Court. His vast experience encompasses Business Rescue endeavors, with a primary objective to safeguard businesses and their workforce. His skill set is diverse, ranging from insolvency inquiries and fraud investigation to business negotiation and debt collection.

His contributions to the industry haven't gone unnoticed. INSOL recently honored Mr. Roos as one of the future leaders in the insolvency and restructuring sector, a testament to his unparalleled expertise and leadership. This accolade, earned from a pool of 12,000 members with only 25 in South Africa, further cements Sebenza Trust's stature as a leading insolvency firm in Southern Africa.

For insights into Mr. Roos's notable involvements, explore the following:
- [VBS Bank Article](https://www.pressreader.com/south-africa/sowetan/20181114/281891594303388)
- [Bossa News Feature](https://www.sabcnews.com/sabcnews/bosasa-should-blame-witnesses-not-media-for-reputational-damage/)

Contact Mr. Christopher Roos
Phone:087 153 5659
Email: roos@sebenzatrust.net

Website: https://www.sebenzatrust.net

LinkedIn: https://www.linkedin.com/feed/

Facebook: https://www.facebook.com/sebenzatrust

At Sebenza Trust, we're committed to excellence, ensuring the best outcomes for our clients and stakeholders.

WHO WE ARE

We specialise in the administration of Insolvent Estates, administration of Company and Close Corporation Liquidations, administration of Curatorship as nominated by the National Director of Public Prosecutions and the administration of receiverships as nominated by the South African Revenue Services.

WHAT WE DO

We have extensive experience in the trading of companies in liquidation, in lieu of saving jobs and disposing of companies as going concerns. Our professionals take appointments in various statutes and we also have experience in implementing schemes of arrangement in terms of Section 155 of the Companies Act 2008.

OUR VISION

 

To continuously render a professional and efficient service to all stakeholders with integrity, independence and honesty whilst being a sustainable entity that is representative of the demographics of the South African population.

OUR INSOLVENCY PRACTITIONERS & TEAM

IMG-20220425-WA0025.jpg
Adv. K. S. Mahlangu
Advocate &
Insolvency Practitioner since 1997

Specialises in Insolvency Law, Criminal Law,and Labour Law
New Headshot KM.jpg
Ms. Kyla Minnie (Independent Consultant)
 

Certified Cryptocurrency Expert (CCE) (Blockchain Council)

Cyber Security (Try Hack Me)

Certified

Blockchain & KYC & AML Professional (Blockchain Council)

Jr. Pentester (Try Hack Me)

IAFCI - INTERNATIONAL ASSOCIATION OF FINANCIAL CRIMES INVESTIGATORS


 
Roos Web Photo.jpeg

Mr. Christopher Roos started in 2000 at Kopano Auctioneersin the Insolvency Industry.

Since 2003 at Sebenza Trust Insolvency

Practitioner since 2007 Started


Cryptocurrency Investigations Certified
Crypto Currency Expert – CCE (Certified Cryptocurrency Expert (Blockchain Council)

IAFCI - INTERNATIONAL ASSOCIATION OF FINANCIAL CRIMES INVESTIGATORS since 2024

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Choose Sebenza Trust for your liquidation needs and rest assured that you are in good hands. Our team of liquidators, advocates, and crypto investigators are well-equipped to handle all aspects of the liquidation process. We pride ourselves on our ability to provide our clients with professional and personalized service, tailored to meet their unique requirements. With our unwavering commitment to excellence, you can be confident that Sebenza Trust will work tirelessly to ensure that you achieve the best possible outcome.

OUR ADDRESS

CONTACT

SEBENZA TRUST INSOLVENCY PRACITIONERS 

SINCE 1998

Unit A2, 43 Estcourt Ave, Wierdapark Centurion, Gauteng

Email: support@sebenzatrust.net or admin2@sebenzatrust.net
Tel:  087 153 5659

Fax: 086 516 5380

 

For any general inquiries, please fill in the following contact form:

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WHAT WE PROVIDE YOU

OUTSTANDING DEBTORS

Collection of outstanding debtors on behalf of insolvent estates and/or companies in liquidation.

 

INSOLVENCIES | LIQUIDATIONS

Administration of insolvent estates and companies in liquidation.

 

CONSULTATIONS

General consultations on insolvencies.

Cross-Border insolvencies.

Trustees administering sequestrations (voluntary and compulsory)

Liquidators administering liquidations of companies (members and creditors)

Liquidators administering liquidations of close corporations (members and creditors)

Liquidators or trustees in cross-border insolvencies

Curators in curatorship

Executors of insolvent deceased estates

Trustees of insolvent trusts

Liquidator / Facilitators of section 311 compromises and arrangements

Insolvency enquiries in Interrogations terms of Sec 417 &418

Administration of the insolvent estates of companies, close corporations, trusts, and individuals which includes:

 

Our firm enjoys established working relationships with competent professionals from varied backgrounds, and we have found that by carefully selecting the people with whom we are associated, and where certain specialized tasks are outsourced, we have effectively increased our capacity and potential for growth dramatically.

More about Office and Staff

Estate Administrators Division

 

Our Estate Administrators are responsible for day-to-day administration of the estates, from appointment to final release. All our employees in this division, hold a Diploma in Insolvency Law, as prescribed by SARIPA.

Financial Division

The employees in our Financial Division are responsible for all financial aspects of the estates. Between them, they have over 40 years of bookkeeping experience.

Support Personnel

Our administrative staff, group of Attorneys, Advocates, Crypto Investigators, Auctitors, and Auctioneers includes our receptionist, assistants, estate administrators, filing clerks and messengers.

Our Expertise

Sequestrations of natural persons & trusts

Sebenza Trust is qualified to provide estate administrative services, whilst ensuring compliance.

Our services include the administration of Insolvent estates and acting as trustees for insolvent trusts

Liquidation administration

We specialise in liquidation administration in respect of:

  • Companies

  • Close corporations

  • Divorce settlements

  • Co-operations

Corporate services

 

Our services to corporate clients include:

  • Insolvency enquiries

  • Judicial management of companies and close corporations

  • Professional guidance on insolvency matters

  • Business rescue

  • General queries at various Master’s offices

  • How can investors seek legal advice or assistance during the liquidation process?
    Investors who require legal advice or assistance with their claim can consult with insolvency lawyers or financial advisors experienced in liquidation proceedings. These professionals can provide guidance on the claims process and represent investors' interests throughout the liquidation process.
  • What documents do investors need to submit when claiming their investment?
    Investors should provide documentation such as investment agreements, proof of bank account the investment funds were paid out of, proof of investment funds transfer, and any other relevant paperwork to support their claim.
  • As an investor who hasn't received any returns on investment, can I submit a claim?
    Yes, investors who haven't received returns on their investment can submit a claim as creditors in the liquidation process.
  • How long does it typically take for investors to receive any funds from the liquidation process?
    The timeline for distributing funds to investors depends on various factors, including the complexity of the liquidation process, the amount of assets recovered, and the priority of investor claims. Investors should unfortunately be prepared for the process to take several months to years.
  • Are there any fees or charges associated with submitting a claim as an investor in the liquidation?
    At present, the liquidators do not anticipate any risk of contribution, nor do we anticipate any supplementary expenses linked to the submission of a claim.
  • How can investors stay informed about the progress of the liquidation process and the status of their claims?
    Investors can expect to receive updates from the liquidator through regular communication such as email, WhatsApp Groups or via our website. It's important for investors to keep their contact information up to date to ensure they receive timely updates.
  • What happens if an investor cannot provide all the required documentation to support their claim?
    Investors should make every effort to provide all necessary documentation to support their claim. If certain documents are missing or unavailable, they should communicate with the liquidator and or the legal team to explore alternative options or seek guidance on how to proceed.
  • Is there a deadline for investors to submit their claims in the liquidation process?
    Yes, there is usually a deadline for investors to submit their claims in the liquidation process. The liquidators or the appropriate legal team will have an official statement circulated to members on when the deadline will be.
  • Why is it important for investors to submit a claim in the liquidation process?
    Submitting a claim ensures that investors are officially recognized as creditors of the insolvent company, giving them the opportunity to potentially recover some of their investment funds from the liquidation process.
  • What are the potential outcomes for investors in the liquidation process?
    The outcome for investors depends on various factors, including the amount of assets recovered, the priority of their claims, and the overall financial situation of the insolvent company. Investors may receive either a full or partial repayment of their investment funds.
  • What about court actions pending against The Company/ Close Corporation ?
    All Legal Action against your Company/Close Corporation stops immediately!
  • Who can initiate the liquidation proceedings?
    Liquidation proceedings can be initiated by a company's shareholders, creditors, or the company itself.
  • Who appoints the Liquidator and how does he get appointed ?
    The Liquidator is appointed by the Master of the High Court by way of Requisitions received by Creditors. The Master of the High Court could also make a discretionary Appointment.
  • What is Business Liquidation?
    Liquidation is a legal process where a company (PTY LTD) or close corporation (CC) is wound up, and creditors are prevented from attaching and executing assets. A company (PTY LTD) or close corporation (CC) are legal entities separate from their shareholders/directors or members. This means that, in the event of a Liquidation, unless the shareholders/directors or members have signed personal security or signed personal surety ships, they will not be personally liable for the business’s debts. This includes all SARS debts. Liquidation is a legal process in which a liquidator is appointed to ‘wind up’ the affairs of a company (PTY LTD) or close corporation (CC). At the end of the process, the company ceases to exist. Liquidation does not mean that the creditors of the company will get paid. The purpose of Liquidation is to ensure that all the company’s affairs have been dealt with properly. Taking the first steps to liquidate your company (PTY LTD) or close corporation (CC) is not an easy decision. The consequences of making incorrect choices regarding handling the process up to Liquidation can be severe. Liquidation and deregistration are not the same processes. Liquidation implies that the company (PTY LTD) or close corporation (CC) cannot pay its debts. Liquidation further implies that the company (PTY LTD) or close corporation (CC) will cease to operate (generally as a result of financial problems). The Liquidation may come about as a result of a legal court process, by the creditors’ request, the company or close corporation may voluntarily decide to be liquidated or SARS debt.
  • When is a company considered insolvent and in need of liquidation?
    A company is considered insolvent when it is unable to pay its debts as they become due, or when its liabilities exceed its assets. (The Companies Act, 2008 sets out various tests that can be used to determine whether a company is insolvent.) These tests include the "cash flow" test, which looks at whether the company is able to pay its debts as they become due, and the "balance sheet" test, which looks at whether the company's liabilities exceed its assets. If a company is found to be insolvent, it may need to be placed into liquidation. Liquidation is a legal process that involves the orderly winding-up of the company's affairs, the realization of its assets, the payment of its liabilities, and the distribution of any remaining assets to its shareholders. Not all insolvent companies will be placed into liquidation. In some cases, it may be possible to rescue the company through business rescue or other means. Business rescue is a process aimed at rehabilitating a company that is in financial distress and avoiding liquidation. *If a company is placed into liquidation, it is important for directors to cooperate with the liquidator and provide any information or assistance that may be required.*
  • How are the company's assets and liabilities distributed during liquidation?
    The company's assets are sold and the proceeds are used to pay off its liabilities. Any remaining assets are distributed to the shareholders in proportion to their shareholding.
  • What happens to the employees of a company in liquidation?
    Employees of a company in liquidation may be retrenched or have their contracts of employment terminated. They may also be entitled to claim unpaid wages and other benefits from the company.
  • How long does it take to finalize the liquidation of my Company/ Close Corporation?
    The process can take between 1 week and 3 months depending on the type of liquidation (voluntary or forced liquidation) however the administration process does not really involve you personally.
  • Can a company continue trading during the liquidation process?
    In most cases, a company will not be able to continue trading during the liquidation process. The liquidator will take control of the company's affairs and work to identify and realize its assets, pay off its creditors, and distribute any remaining funds to its shareholders. However, in some cases, the liquidator may allow the company to continue trading for a limited period of time if it is in the best interests of the creditors.
  • What are the consequences of Liquidation?
    All legal actions stop immediately. Any attachment by your Creditors put in force against the Company / Close Corporation after the commencement of the Liquidation is void. The Directors or Members cease control of the Company / Close Corporation and the Master of the High Court will then Appoint a Liquidator whom will deal with all the matters of the Company / Close Corporation.
  • Can we provide support and guidance to directors during the liquidation process?
    Yes, our firm can provide support and guidance to directors during the liquidation process. We understand that this can be a difficult and emotional time, take your time and know we are here to provide assistance and answer any questions that may arise.
  • Can liquidation be a positive step for a struggling business?
    Yes, liquidation can be a positive step for a struggling business. It allows for the orderly winding up of the company's affairs, the payment of its creditors, and the distribution of any remaining assets to its shareholders. This can provide closure and allow for a fresh start.
  • Will we work with directors to minimize personal liability during liquidation?
    Yes, our firm is committed to working with directors to minimize personal liability during the liquidation process. We can provide guidance on how to avoid breaching fiduciary duties and acting negligently or recklessly.
  • Can we ensure that liquidation proceedings are conducted in a fair and transparent manner?
    Yes, our firm is committed to conducting liquidation proceedings in a fair and transparent manner. We adhere to all legal requirements and regulations, and strive to ensure that all parties involved are treated fairly and with respect.
  • What does it mean to be declared insolvent or to surrender your estate? Exactly what happens in the event that you are actually declared insolvent or the application for the surrender of your estate is granted by the High Court?
    First things first – how are you declared insolvent? There are two ways: 1. Voluntary surrender of your estate – when you are factually insolvent (your liabilities/debts exceed your assets), you can lodge an Application with the High Court that has jurisdiction in your district, for the voluntary surrender of your estate. The High Court will, where it is to the benefit of the general body of creditors, issue a Final Order in terms whereof the surrender of your estate is accepted; 2. Compulsory Sequestration – a creditor of your estate may bring an Application with the High Court for the Compulsory Sequestration of your estate for the purpose of obtaining payment of his debt. The creditor’s purpose may be to recover his debt; however the purpose of Sequestration Proceedings is in actual fact to ensure that the estate it is wound up in an orderly fashion and that creditors are treated equally. The High Court will, where it is to the benefit of the general body of creditors, first issue a Provisional Sequestration Order for Sequestration (Rule Nisi) and provide a return date. On the return date interested parties (you or other creditors) are entitled to object to the application and try to persuade the Court not to grant the Final Order for Sequestration. If no objections are lodges, or the Court is satisfied that the objections are not satisfactory to prove that the Order should not be granted, the Final Order for Sequestration will be granted. *It is important to know that when you are married in community of property, the joint estate of you and your spouse is sequestrated. When you are married out of community of property, only your separate estate is sequestrated.* Only the High Court has the authority to grant Sequestration Orders, because these Orders influence a person’s status. Once the Order is granted; the insolvent estate vests in the Master of the High Court until such time that a Provisional Trustee is appointed. This means that all assets are deemed to be under the control of the Master until the Provisional Trustee is appointed (see below). The Master is a public servant with the responsibility to control the administration of insolvent, deceased and curatorship estates and trusts. There are various formalities (requirements) that need to be met before the High Court will grant an Order for the Sequestration of a person’s estate; however these will not be dealt with, as the purpose of this article is to explain what happens after you are declared insolvent. The following process takes place once the High Court accepts the Voluntary Surrender of your estate, or a Provisional Order for Sequestration is granted in the case of a Compulsory Sequestration Application (This process is governed by the Insolvency Act, Act 24 of 1936): 1. Appointment of a Provisional Trustee The Master has the authority to appoint a Provisional Trustee. Creditors, who have a claim against your estate for an outstanding debt, may recommend (nominate) a person (who is on the Master’s panel of Insolvency Practitioners) for the appointment as Provisional Trustee. This recommendation is lodge in the form of a Requisition. The Master is not bound by the Requisition and therefore do not have to appoint the recommended Insolvency Practitioner. The Master will however in most cases appoint a Provisional Trustee or Trustees who is (are) nominated in these Requisitions. The Practitioners who are nominated by the majority of creditors in value (amount of the claim) and number (quantity of the nominations received in favour of a specific Practitioner) will be appointed. 2. Provisional Trustee’s functions and duties The Provisional Trustee must interview the insolvent to confirm that his personal details are correct and to determine exactly what the assets and liabilities are (if it was not set out in detail in the Application for Sequestration) and he must then take physical control or supervise the property and affairs of the estate until a Final Trustee is appointed. The Provisional Trustee may not sell any assets without the authority of the Master or bring or defend legal proceedings without the authority of the Court. 3. The Master of the High Court convenes the First Meeting of Creditors Upon receipt of the Final Sequestration Order, the Master will proceed to convene a First Meeting of Creditors by giving not less than ten (10) days notice of the Meeting in the Government Gazette. At this Meeting: • Any claims lodged by Creditors of your estate with the Provisional Trustee is proved; • Based on the proven claims, voting can take place. In terms of the votes, a Final Trustee is elected. The Provisional Trustee can be elected to be the Final Trustee or another person can be voted in as the Final Trustee, or the Provisional Trustee, together with another person, can be elected as Final Co-Trustees of your insolvent estate. If no voting takes place, the Master will appoint the Provisional Trustee as the Final Trustee. 4. Appointment of Final Trustee Once the First Meeting has been closed by the Master, he will proceed with the appointment of the Final Trustee based on the votes, or lack thereof, by issuing a Final Certificate of Appointment in favour of the Trustee(s). 5. Final Trustee convenes the Second Meeting of Creditors The Final Trustee must convene the Second Meeting within three (3) months of his Final Appointment by giving notice in the Government Gazette and in an Afrikaans and English newspaper that circulates in the district where you live or work. There is no requirement with regard to the period for which notice must be given, but at least fourteen (14) days before the date of the Meeting, the Trustee must send a Trustees Report, setting out the assets and liabilities of the insolvent estate, and resolutions which should be passed at the Meeting to all the known creditors by registered post. At this Meeting: • The Trustee’s Report and Resolutions are received to enable the creditors to accept the Report and pass the Resolutions. The Resolutions are basically passed to extend the Trustee’s duties and authorities to enable him to proceed with for example the sale of assets. • Further claims can be submitted for proof; • Interrogations can be held in terms whereof you and other persons can be interrogated in order to find assets or more information that will assist the Trustee with the administration of your estate. 6. Assets are sold out of hand or by way of public auction and outstanding debtors are recovered No assets can be sold before the Second Meeting of Creditors without the consent of the Master. In the event that the urgent sale of assets is required, the Trustee may lodge an Application for the urgent sale of the assets. In the event that the Master grants his permission, assets may be sold before the Second Meeting in the manner for which the Trustee applied (accept an offer out of hand or sell by way of public auction). In all other instances, the Trustee only has the authority to sell assets out of hand in the event that the Resolutions are passed at the Second Meeting. In the event that the Meeting took place, but the Resolutions were not passed, the Trustee may only sell the assets by way of public auctions, unless he requests the Master to pass the specific Resolution that will enable him to accept an offer out of hand. The assets are sold; the proceeds are collected and deposited into an interest bearing bank account opened in the name of the insolvent estate. The Trustee also proceeds to collect debt owed to you by requesting the payment thereof in writing. In the event where the debtor does not pay, a Letter of Demand is issued. If he still does not pay, a summons is issued. These funds are also deposited into the estate bank account as mentioned above. 7. Liquidation and Distribution Account is drafted and lodged with the Master of the High Court After the sale of the assets and the collection of outstanding debtors, the Trustee proceeds to draft a Liquidation and Distribution Account. The Account must be lodged within six months from his Final Appointment. In the event that he is not in a position to do so, he may apply for extension of time to lodge the Account. The Account consists of various “smaller” Accounts and each one deals with something else: • In the Liquidation Account, the Trustee will reflect the proceeds of each asset that was sold in either an “Encumbered Asset Account” or the “Free Residue Account”. Assets that are reflected in separate Encumbered Asset Accounts are assets that were for example financed by a bank. Certain expenses are deducted from the proceeds, including for example Trustee’s Fees, Short Term Insurance, Master’s Fees, Security Bond Premiums, advertisement costs, etc. The balance that remains is awarded in the form of a dividend to the specific secured creditor who financed that particular asset. He is referred to as a secured creditor because he has security for his claim in the form of a mortgage bond or instalment agreement, etc. Assets that are reflected in the Free Residue Account are assets that were not financed. All these assets are reflected in this one Account, certain expenses are also deducted and the balance is awarded to preferent creditors (unsecured creditors who are preferred above other creditors because of a statutory provision, for example SARS) and concurrent creditors (creditors who are not preferent creditors and who do not have any security for their claim in the form of for example a mortgage bond). • In the Distribution Account all the creditors who proved claims are listed. The amounts they claimed, as well as whether they are secured, preferent or concurrent creditors are reflected. The dividends (if any) awarded to them in the Liquidation Account are finally reflected. • In the Contribution Account all the creditors who proved claims are listed in the same way as in the Distribution Account. The dividends awarded are however not reflected, but the contribution payable by that creditor is reflected. There is a contribution payable in an estate where there are not enough (or any) assets that were not financed (assets reflected in the Free Residue Account as mentioned above) to cover the administration expenses of the estate. This shortfall amount is payable in the form of a contribution by proved creditors in proportion to the amount of their proved claims. Concurrent Creditors are always liable to pay contribution. Secured Creditors are always liable to pay contribution, BUT ONLY on the concurrent portion of their claim in the event where they did not rely solely on their security (mortgage bond). In other words, a Secured Creditor has a secured claim based on the security, and a concurrent claim for the balance of their claim where the value of the asset was not enough to pay their claim in full. It is on this concurrent portion that he is always liable. Where a Secured Creditor relied on his security and the concurrent portion of his claim was not proved, he is only liable to pay contribution in the event that no concurrent creditors proved any claims and where the Applicant for the Sequestration is not liable or unable to pay his share of the contribution. Preferent Creditors are liable to pay contribution in proportion to their claims only after all concurrent creditors have paid their contribution and there is still a deficiency and in the event where no Concurrent Creditors proved any claims. The Creditor who applied for your sequestration is liable for the payment of a proportionate share of the contribution, even if he did not prove a claim. Only in the event where the Application Creditor is a Secured or Preferent Creditor will he only be liable if no concurrent creditors proved any claims. 8. Liquidation and Distribution Account is advertised to lie open for inspection for a period of fourteen (14) calendar days Once the Trustee answered any queries the Master might have with regard to the Account and the Master is satisfied with the Account, he will grant his permission and in terms thereof the Trustee will proceed to advertise the Account for a period of fourteen (14) calendar days. The advertisements appear in the Government Gazette and in an Afrikaans and English newspaper that circulates in the district where you live or work. During this fourteen day period, the Account will lie open for inspection at the Master’s Office where your estate is being administered, and the Magistrate’s Court in your district. You and your creditors may then inspect the Account and lodge objections with the Master, Magistrate or Trustee in the event that you or they are not satisfied with the Account. 9. The Master of the High Court confirms the Liquidation and Distribution Account Only when the Trustee has answered any objections, as mentioned above, to the satisfaction of the Master and the fourteen day inspection period has lapsed, will the Master proceed to confirm the Account. In the event that no objections are lodge, the Master will immediately confirm the Account upon expiration of the inspection period. 10. Confirmation of the Liquidation and Distribution Account is advertised and payments are made and funds recovered in terms of the confirmed Account Upon receipt of the Master’s Confirmation Letter, the Trustee will proceed to advertise that the Account was confirmed and inform that dividends are being paid and contributions (if any) are being collected. The notice of the Confirmation appears only in the Government Gazette. The Trustee will also immediately proceed to pay all the dividends that were awarded to creditors and any expenses incurred during the administration of the estate by cheque or electronic fund transfer. He will also proceed to send notices to the creditors who are liable to pay contribution requesting payment of the contribution. In the event that they do not make the payment, the Trustee may obtain a writ of execution and attach the creditor’s assets to ensure payment of the contribution. The Trustee is only entitled to take his fees upon Confirmation of the Account. After everything has been paid, the Trustee proceeds to close the estate bank account. 11. Certain post-confirmation requirements are lodged with the Master of the High Court The Trustee must lodge a full set of bank statements, all paid cheques, as well as proof of payment of all dividends and expenses with the Master. This is to enable the Master to confirm that everyone has been paid and the estate has indeed been finalized. 12. The Master of the High Court issues his Discharge Certificate Once the Master is satisfied that everything in terms of the confirmed Account has been paid, he will issue his Discharge Certificate. This Certificate means the administration of the estate has been finalized. *This is a very basic overview of the procedure that is followed when an insolvent estate is administered and many of the insolvent estates are more complicated and there will then be extra procedures followed by the Trustees.* *I trust however, that this information will help clarify the situation that arises when you are declared insolvent and help create a better understanding of the procedures that are followed.*
  • Will we work with directors to ensure that the liquidation process is completed as efficiently and effectively as possible?
    Yes, our firm is committed to ensuring that the liquidation process is completed as efficiently and effectively as possible. We have experienced liquidators who will work closely with directors to ensure that all necessary steps are taken to wind up the company's affairs, pay its creditors, and distribute any remaining assets to its shareholders.
  • Can a director purchase the assets of the company in liquidation?
    A director may be able to purchase the assets of the company in liquidation, but only if the sale is conducted in a fair and transparent manner.
  • What are the implications of liquidation for the company's contracts and leases?
    The company's contracts and leases may be terminated during liquidation, which can result in penalties or other consequences. *It is important for directors to review the company's contracts and leases and take appropriate action.*
  • How can a director ensure that the company is properly prepared for liquidation proceedings?
    Directors can ensure that the company is properly prepared for liquidation proceedings by maintaining accurate financial records, addressing any outstanding issues, and seeking professional advice as needed.
  • How can directors protect themselves from personal liability during liquidation?
    Directors can protect themselves from personal liability during liquidation by acting in good faith, seeking professional advice as needed, and maintaining accurate financial records. They should also avoid taking on personal guarantees or loans on behalf of the company unless absolutely necessary. "Plan ahead, take action - ensure a smooth liquidation"

OUR VISION

MISSION

The company's main mission is to render a professional and efficient service to all stakeholders in the creditor-driven insolvency process.

We are also highly supportive of positive transformation, and we are actively involved in aiding previously disadvantaged individuals. We specifically focus on the transfer of skills.

In August 2013 we were joined by a further four estate administrators. We now have seven permanent staff members, enabling us to attend to matters of any size and degree of difficulty.

 

The core focus is on the transfer of skills.

We also keep up to date with the new case law and programs available.

And gaining experience in the Crypto Currency and NFT Field—for example, MTI - MIRROR TRADING INTERNATIONAL

Our staff also attends training and International Certification in the Crypto Currency universe.

we specialise in the Administration of Insolvent Estates, Liquidations, and Liquidation of Close Corporations and Companies at CIPC as well as administration of Business in Liquidation, Insolvent Estates, and Business Rescue

We have extensive experience in the trading of companies in liquidation, in lieu of saving jobs and disposing of companies as going concerns. Our professionals take appointments in various statutes, and we also have experience in implementing schemes of arrangement in terms of Section 155 of the Companies Act 2008.

Our Services

 •  Business Rescue viability assessments

•  Comparison of Business Rescue vs Liquidation

•  Acceptance of appointment as Business Rescue Practitioner

•  Management/Turnaround specialists

 

Our recent assignments Sebenza Trust has been involved with a number of Business Rescue assignments across a wide range of industries, including (but not limited to);

• Retail

• Agriculture

• Manufacturing

• Civil Engineering—Construction

• IT

• Financial Services

• Property

•Mines

•Investment Schemes

•Crypto and E-Wallet Systems, Banks, and Exchanges.

Many people consider Business Rescue as a last resort. If you think your business may be in trouble, take action immediately and let us help you turn your business around before it is too late.

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