General Articles
The National Credit Act vs The Insolvency Act
Written by Rohan Lamprecht   

The most obvious benefits of the National Credit Act could be summarized as follows:

  1. The Applicant would not be divested of his or her estate in terms of the Insolvency Act. The purpose of the Insolvency Act is to enable the Trustee to realize the assets of the insolvent estate and in doing so; ownership will pass from the Applicant to the Trustee in terms of the Insolvency Act.
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    Definition Insolvency vs Bankruptcy
    Written by Rohan Lamprecht   

    The term insolvency is commonly confused with bankruptcy and is often used incorrectly as a synonym for bankruptcy. Although both insolvency and bankruptcy deal with liabilities exceeding assets, insolvency refers to a financial state and bankruptcy to a distinct legal concept, a matter of law.

    Insolvency is defined as a financial condition or state experienced when:

    1. A legal entity* or a person’s liabilities (debts) exceeds their assets, commonly referred to as 'balance-sheet' insolvency; or

    What is Bankruptcy?
    Written by Rohan Lamprecht   

    Once thought of as something that happened only to businesses, bankruptcy is an option that has become increasingly popular for individuals. Bankruptcy is a form of debt eradication and is probably the most effective and efficient debt solution currently available. More and more people are using bankruptcy as a way of eliminating unmanageable debt, which is why the number of individuals filing for bankruptcy has grown worldwide considerably in the last few years.

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