What are the costs involved?

It depends upon the application, but generally an application brought in terms of Section 124(2)(a) of the Insolvency Act, is considered to be relatively "straight forward" and the all-inclusive costs for such an application, without postponements, are calculated as follows:

 

To our all inclusive fee for consultation, taking instructions, drafting Notice of Motion, Affidavits, Notice to trustees & Master, adverts and any other documentation to complete application, including obtaining necessary consent & information regarding sequestration, placement of advert, other attendances and obtaining proof of service, following up & confirming filing and lodgement of application, briefing Counsel

R 7,500.00

To 14% VAT on fees

R1,050.00

To provision for expenses relating to correspondent and/or advocate, including but not limited to courier costs, postal fees, service & lodgement of application and notices, appearance in High Court to obtain Rehabilitation Order, excluding any postponements

R4,500.00
  _________
TOTAL R13,050.00

 

We require an upfront deposit of R2,500-00 before the application is drafted. The outstanding balance may then be settled in monthly instalments of R1,000-00 or more per month, payable by debit order.

The whole process takes between 8 to 10 weeks.

 

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