Sequestration
Voluntary sequestration is the voluntary surrendering of your estate (financial affairs) to the Master of the High Court under the governance of the Insolvency Act 24 of 1936
It is an application brought in the High Court of South African, by an attorney in cooperation with an advocate on behalf of the debtor which ultimately allows the debtor (the applicant) to have up to 80% of his debt written off, as a final resort to escape insurmountable debt accrued through circumstance beyond his/her control.
First and foremost, an attorney must determine if the client is indeed insolvent or if any another remedy should be investigated. This is done by completing an application form which provides the attorney with all the information to do an assessment.
As sequestration is a High Court application an Advocate will present your case to the court on your behalf.
