As previously discussed in the article regarding voluntary liquidations where the company being liquidated is solvent, liquidation is the process whereby a company or close corporation is wound up due to it not trading actively or its inability to continue trading in...
Writing off bad debt can be very upsetting. You are owed the money, the services were rendered. Why must I write off bad debt? Here’s what the law says on the topic. Let’s first look at prescription What does it mean? Prescribed debt is old debt that has been written...
Ever been asked to sign surety for debt? Should it be your child’s study loan, a bond, a car, on behalf of your company or any other debt. This is a big responsibility. You agree to take over payment and be liable for debt should the ‘principal’ not be able to pay it...
Ever found yourself rolling your eyes at the excuses made by debtors that was supposed to pay their account ages ago? Working with debtors daily we found that there are a few trending excuses. Let’s have a look at the most common excuses made by debtors. The “I never...
When deciding whether to institute legal action for amounts due to either you personally, or to your company, it is a fantastic idea to do a vetting process before making the decision whether or not to sue. There are several factors which to consider, the most...
EXECUTION OF JUDGMENTS- WHAT CAN THE SHERIFF ATTACH? When a creditor is in possession of a judgment in its favour, it is in a position to execute this judgment. What exactly is execution and what goods can a creditor execute upon? What is execution? When judgment is...
You have most likely heard the term vetting and not know exactly what it entails. This article will give a better understanding of what the vetting process entails and how it will benefit your company. This article will explain the process in the event of a new client...
Section 40, as amended, of the National Credit Act determines which entities or persons must register as a credit provider. Now this seems to be quite obvious, if you are in the business of lending monies you need to register. However, the Supreme Court of Appeal has...
"Why would I need a debt collector?" you may ask. Trying to collect your own outstanding debt can be awkward and can be detrimental to the working relationship you have with your clients. If your clients don’t pay on time, you follow up. Friendly this time, as it’s...
