Steps in the Liquidation Process

Steps in the Liquidation Process:

1. Provisional Sequestration/Liquidation Order granted
2. Master of the High Court (“Master”) appoints Provisional liquidator/trustee
3. Provisional Liquidator mails reports and send claim forms to all known creditors
4. Final sequestration/liquidation order granted
5. Master convenes 1st Meeting of creditors
6. 1st meeting - for purpose of proving claims/ nominating final Liquidator
7. Master issues final certificate of appointment
8. 2nd Meeting of creditors convened by final Liquidator upon receipt of final certificate of appointment
9. Advertisement appears in Newspapers + 2nd Meeting report is sent to all known creditors
10. 2nd meeting takes place to adopt report and resolutions and prove claims
11. Assets (if not sold pursuant to extention of powers) are sold Special Meeting of creditors for prove of late claims (if required)
12. Lodge First Liquidation Account with Master
13. Master inspects account.
14. Liquidator advertise that the account lies open for inspection
15. Liquidator place advertisements in government gazette and newspaper & send circular regarding inspection period to all
16. Account lies open for inspection at Master & Magistrates office
17. Master confirms account
18. Payments are made to creditors in terms of confirmed account.
19.