Insolvency and Bankruptcy

Harris Tate advises a vast number of business enterprises on the remedies available to them in the event of any of their debtors being adjudicated bankrupt or insolvent.  We also advises business enterprises and their owners on the consequences of insolvency and personal bankruptcy when their business ventures do not go according to plan.

Insolvency and liquidation of companies are, largely, regulated through the Companies Act 1993.  Business enterprises can also be put into receivership in terms of the Receivership Act 1993. Receivership is different from liquidation as a receiver acts in the interests of a secured creditor or creditors of a business enterprise only while, when a company is put into liquidation, the liquidator has to act in the best interests of all of the creditors of the company and the company itself.

Harris Tate also advises liquidators and receivers on the vast variety of legal issues that may arise in the course of liquidation or a receivership, including the priority of secured interests in the assets of a company.

The Official Assignee administers the estates of bankrupt individuals.

Harris Tate negotiates as part of our services compromises with the creditors of business enterprises in financial difficulty as well as liquidators, receivers and the Official Assignee.

Authors: Ross Harris, David Foster, Stephan Bosman, Katrina Hulsebosch