VM Insolvency Practitioners
We pride ourselves with an exceptional client satisfaction track record. Our strict code of conduct means you are treated with the highest level of professionalism.
We are active members of SARIPA and we are also listed on the national panel of liquidators to the Master of the High Court.
About Insolvency
VM Insolvency Practitioners offers a broad staff base of highly motivated and skilled, ethical professionals who will make sure that you and your interests are protected.
Our Services
We are active members of SARIPA (South African Restructuring and Insolvency Practitioners Association) and are listed on the panel of liquidators to the Master of the High Court, Kwa Zulu Natal and represented nationally.
Our Clients
Our clients range from large corporate companies to small and medium businesses and individuals with their needs ranging from liquidation and business rescue services, with a wide range of other services offered by our practitioners.
FAQ
Can My Company Continue to Trade Whilst in Liquidation?
Directors should cease trading as soon as the decision to liquidate the company has been made. If they were found to be trading insolvent, the directors can be found guilty of wrongful trading and become personally liable for some (or all) of the company’s debts.
What happens after Liquidation?
Once the company has been liquidated it will no longer exist and therefore, cease to trade. The liquidator must also investigate each of the directors to ensure that any actions during the time the business was insolvent, still met their fiduciary duties.
How long does the liquidation process take?
This is dependent on how your company is being liquidated. If you have gone through the process of speaking to an Insolvency Practitioner and they are happy with the sufficient amount of evidence you have given, it should take around 3 weeks for full company liquidation after which the Practitioner will comply with the other formalities and administration of the estate in terms of the insolvency act.
On the other hand, if at least 90% of the company shareholders have supplied sufficient evidence and everything that is needed to liquidate the company, the liquidation process will usually process this within 7 days.
How much does liquidation cost?
Understandably, given the financial strain and worry already experienced by those involved with a company facing liquidation, many people are concerned about liquidation costs.
While there is no exact, default figure, it is worth noting that while there is a cost to liquidation – as with any professional service – the cost of liquidation can often be met through the assets of the business. In many cases, the fee may well be covered through the actual liquidation itself, freeing you from both:
- additional financial pressure and specific costs at present;
- any future financial risk associated with owning a company with mounting debts.
Who Gets Paid First in Liquidation?
The Insolvency Act 1986 set out a clear order of payments that has to be legally followed when a company becomes insolvent and goes into liquidation.
Can I transfer assets to a new company?
You can transfer assets when liquidating a company and starting again, but only subject to paying fair value for those assets. An independent valuation will ensure that the new company pays a fair price for all assets that are to be transferred, with funds being passed to the Liquidator for the benefit of the Liquidation estate