How to Get Rehabilitated From Insolvency, and How Long Does it Take?
Rehabilitation is a legal process which, in some instances, happens automatically or by order of the High Court of South Africa, and in which the insolvent is relieved of the legal implications of being insolvent and put back into a legal position as someone who is or was not declared insolvent.
An insolvency attorney can be consulted about the rehabilitation process. South Africans are under a belief that they are to wait five years before they are able to rehabilitate from being declared insolvent and sequestrated. This is, in fact, not the case. There are seven sections in the insolvency act, which deals with eight circumstances in which one can rehabilitate, and each of the eight circumstances has its own time frame. an insolvency attorney, or an attorney familiar with insolvency law can advise on the matter of rehabilitation. An insolvency attorney, or insolvency attorney South Africa, will understand and best inform the processes around rehabilitation. Statutory composition, claims proven in your insolvent estate, previous sequestration, criminal offence committed, no claims proven, full payment of claims, and effluxion of time are all areas in which rehabilitation can be achieved.