We are pleased to present below all posts archived in 'March 2023'. If you still can't find what you are looking for, try using the search box.
In South Africa, there are two types of liquidation: voluntary liquidation, which is initiated by the company's directors or shareholders, and involuntary liquidation, which is initiated by the company's creditors or the court.
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Fortunately, South African employees have certain rights and protections under the law when their employer becomes insolvent. Additionally, the Companies Act and the Insolvency Act provide for the appointment of a liquidator to oversee the winding up of the company's affairs and to ensure that employees are treated fairly.
Understanding the different types of insolvencies is important for individuals and businesses who are struggling to meet their financial obligations, as it can help them choose the best course of action to address their financial difficulties.
As a law firm specializing in insolvency and liquidation in South Africa, we know how important it is for individuals and businesses to understand the differences between these three terms. In this blog, we'll provide a clear definition for each, as well as an explanation of the key differences between insolvency, liquidation, and bankruptcy.
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