Insolvency – at a personal or business level – occurs when an individual or company can no longer pay their creditors. Insolvency can cause financial distress, especially if the case is legally intricate and involves several parties and creditors who are owed money. If you’re facing insolvency in a personal capacity or your company is on the brink of collapse, it’s advisable to work with a qualified insolvency attorney who can find the best possible solution for your financial challenges. The insolvency lawyers at Francois Uys Incorporated Attorneys are well-versed in navigating the intricate landscape of insolvency and financial rehabilitation, helping clients regain their financial freedom.
Choosing an experienced insolvency attorney can help you achieve the best outcome. Let’s explore several considerations when it comes to choosing a legal expert in the realm of insolvency.
Considerations When Choosing an Insolvency Lawyer
Under South African law, an insolvent individual is defined as “a debtor whose estate (everything, including money, that a person owns) is under sequestration”. Under this law, people can be sequestered voluntarily or involuntarily. Sequestration occurs when the insolvent party’s assets are sold and distributed to their creditors. This is not a decision that should be made without careful consideration and our experienced lawyers can evaluate your unique situation to determine if sequestration is the best course of action. When choosing an insolvency attorney, it is essential to consider the following factors:
• Select attorneys who specialise in insolvency law: An important consideration when finding an insolvency lawyer is to work with a professional who possesses in-depth experience in the legal area of insolvency law. You want to partner with a dedicated attorney who understands the ins and outs of insolvency law and can confidently navigate any complexities that arise to reach the best outcome. Opt for attorneys, like the team at Francois Uys Inc. Attorneys, with a proven track record of success.
• Determine communication protocols: Communication style is also a factor when choosing the best attorney for your needs. Prior to working with your chosen attorney, discuss communication expectations and work with legal practitioners who are clear and transparent in their communication and will update you on the progress of your case and the steps ahead.
• Fee structure: It is vital to discuss fee structures with your chosen insolvency attorneys so you can clearly plan ahead and understand the financial implications. Experienced insolvency attorneys can save you money in the long run by negotiating better financial outcomes on your behalf. Having a clear conversation about fees from the get-go ensures that everyone is on the same page and empowers clients to take charge of their financial health.
• Trust your gut: Choosing an insolvency attorney is a deeply personal decision. Once you have checked credentials, experience, communication style, and fee structure, it’s important to consider your instinct and choose a legal professional who you trust.
Working with an experienced insolvency attorney can help you to get your life back on track. While it might not feel like it when you’re in the throes of debt, financial freedom is possible when you work with knowledgeable experts. Our lawyers can negotiate with creditors on your behalf, alleviating some of the emotional and financial stress associated with insolvency.
Reach Out to Our Experienced Insolvency Attorneys
With over 33 years of collective experience and 8000 successful litigation cases to date, we’re ready and able to help you get the best possible outcome when it comes to insolvency. For more information on our legal services or any other queries, please give us a call or send us a message and we will happily discuss your journey to financial freedom.
Disclaimer: This article is for information purposes only. It does not constitute legal advice and cannot be used to make any decisions. For advice on the topics of insolvency and debt, contact Francois Uys Inc. Attorneys. The information is relevant as of the date of publishing.
Sources:
Insolvency law South Africa: https://www.gov.za/services/services-residents/dealing-law/legal-matters/rehabilitation-insolvent
