If a company’s debt are running out of control, the Directors’ may be held liable personally if the company continues to trade and heap up debt at suppliers or at SARS (Income Tax / VAT / PAYE). Therefore many companies choose to get their companies formally liquidated through the High Court and therefor distance themselves from their debt.
Your ‘Other Company’ or ‘New Companies’: You are allowed to start a new business and keep your existing successful businesses after the liquidation process without carrying over any debt.
Your Personal Debt: Your personal credit record is NOT affected, unless you have signed surety for a business loan which you can’t pay back.
Your Staff: Once liquidated the staff can’t make CCMA cases against the employer. We’ll give you advice on handling this.
Phase #1: Application @ R 9 900 all inclusive. During this phase we’ll consult you on the exact steps to take with employees / personal surety / creditors / SARS. Then we’ll prepare your liquidation application. To START the liquidation process, you only need to pay this R9900 fee.
Phase #2: Legal Steps @ R 10 000 all inclusive. After this application process has been completed, our legal partner will charge you a fixed fee of R10000 to ensure your Voluntary Company Liquidation at CIPC is logged; and thereafter goes through successfully to the Master of High Court of South Africa.
Phase #3: Potential Other Costs later: Once your liquidation application reaches the Master of High Court – there will be a registered “Liquidator” hired to represent your case. Only if your Company has no assets, you will need to pay him / her out of your own pocket. The Liquidator cost is normally around R15000-R18000, bringing your total cost of liquidation up to R35000-R38000. If your Company has enough assets, the Liquidator will be paid his / her fee from the liquidation process.
Depending on your situation you may need to pay for extra legal / re-structuring services, for example if you signed surety for debt. This will be quoted separately and is different for different companies, and is not always relevant.
Your Company’s Liquidation Will Be Managed By Our ‘Attorney of the High Court’: Handre Theron.
Handre is an admitted attorney of the High Court of South Africa. Handre obtained his LLB degree from Stellenbosch University in 2012 and joined Lucas Dysel Crouse Inc in 2013 (our legal partner), where he has been a practitioner since.
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1. By court
You obtain a court order (which is difficult to reverse/ rescind) placing the company/close corporation in liquidation.
During this process all interested parties will receive notices and also an opportunity to show cause why the company/close corporation should not be placed in liquidation. Accordingly, once we obtain the final order there will be little to no come backs. A liquidation by court order, takes about 8 weeks to finalise. The cost involved is around R40000 plus VAT for a (Pty) and around R35000 plus VAT for a CC (this is an all-inclusive fee and includes sheriff fees, advocate fees, advertising fees and all other disbursements).
2. By resolution signed by the members/shareholders and filed with CIPC (Voluntary)
The 2nd option is carriers a little bit of a risk, as no interested parties receive notice of the voluntary liquidation.
Accordingly, any interested party can set aside the liquidation by approaching a court. This option takes about 2 – 4 weeks to finalise and will cost R19900.
In both instances a liquidator must be appointed by the Master of the High Court. His fee for winding up the company is normally ± R15000 (in the event that there are no assets to sell off to cover his fees).
The liquidator is appointed by creditors vote.