G & P Inc our services in this area of law include:
Insolvency refers to the inability of a company to pay off its debts. Cash flow insolvency refers to when a business is unable to pay debts as they fall due, and balance sheet insolvency refers to when the business’s liabilities exceed their assets. When insolvency is inevitable, the strategy becomes one of minimising the company’s loss, maximising returns for the various creditors, and constructing and administering a recovery strategy for any viable business activities. Restructuring of companies in financial distress has been on the increase for a number of years now. Chapter 6 of the new Companies Act, No. 71 of 2008 introduced business rescue to South African businesses. Business rescue involves the re-modelling of the financial and organisational structure of the businesses’ debtors resulting in the rehabilitation and subsequent liquidity of the business.
Gcolotela and Peter inc has an experienced and highly skilled insolvency division, capable of handling any liquidation, insolvency, judicial management or business rescue, regardless of size or complexity, from multi-national companies to private individuals. We are represented on the Master's Liquidations Panel in Kwazulu-Natal.
Upon appointment as Liquidators/Trustees or Judicial Managers our Liquidations Department has the capacity to ensure that assets which vest in the Trustees or Liquidators are secured. Our Liquidators and Trustees meet with the Insolvents, Members and Directors to get comprehensive insight into the Estate. We uplift the books and records and conduct thorough investigations into the assets, including assets disposed of prior to sequestration or liquidation. Our Liquidators often hold formal enquiries when they believe that there may be a possibility of the recovery of further assets for the benefit of creditors.