HOW MUCH ASSETS DO I REQUIRE TO SEQUESTRATE?

In order to sequestrate and in terms of the Insolvency Act 24 of 1936 it must be proven that there will be a benefit to creditors.
Initially the South African courts required that each concurrent creditor received at least 10 cents to the rand.
Preferred creditors on the other hand need to be paid in full, limited to the value of their security.
Currently it is required that a concurrent creditor must receive 20 cents to the rand.
A valuator will be appointed to attend to the valuation of your goods to determine whether there will be enough benefit for creditors.
A preferred creditor holds security and mostly takes the form of a bank in respect of a bonded property.
It is important to note that there must also be enough assets or cash in the insolvent estate to ensure that the administrative costs of the estate are paid.
Your children’s assets will be excluded from the insolvent estate