Bankruptcy can be one of the most difficult things any company can go through. The stress inherent to the process is exacerbated by the complex forms, processes, court appearances, liquidation of assets and so much more. It’s something no one wants to go through and when it happens it means massive changes to your life. There is no way in which to make it pleasant or easy, but hiring a bankruptcy attorney can alleviate stress and provide clarity throughout the process. There is nothing worse than feeling completely lost but with a professional ally to assist you along the way, you’ll find the process less intimidating.
People often mistake bankruptcy and insolvency to be the same thing. Read more about the difference between bankruptcy and insolvency in this article.
There is a positive side to going bankrupt – the debt that may have been weighing you down over the last few months or years no will no longer be a burden. There is hope in the chance to start fresh and make the right choices from the onset, preferably with the assistance of an experienced commercial attorney – read more about that here.
That being said, getting over the initial hurdle, having company assets liquidated, attending court and completing the vast amount of paperwork, and paying creditors all needs to be done. A bankruptcy attorney will do all of these tasks for you. They will investigate and determine what went wrong and who was responsible. They will do so without making mistakes so that the process can be handled as efficiently as possible.
A bankruptcy attorney will also approach the situation from a calm perspective. Many people impacted by the bankruptcy process can become emotional and may make errors due to their impaired judgment. Approaching bankruptcy from a calm perspective greatly reduces the potential of making mistakes.
Access to a source of sound, authoritative advice throughout the process is also an oft-overlooked but crucial benefit that comes with hiring a law firm experienced in commercial law. You’ll be advised as to which type of bankruptcy you should be filing for and will be carefully and professionally guided along the way, from the onset until the process’s completion.
At the end of the day, bankruptcy is synonymous with failure, and it’s not something anyone wants to experience. That being said, when the process is handled as efficiently as possible, adhering at all times to the correct country-specific guidelines, it can mean an end of one venture which could lead to the beginning of another.
Van Zyl Ebrahim Cook Attorneys Incorporated offers insolvency practice as a core part of our practice. We can assist with applying for an individual’s sequestration or a company’s liquidation. Here we require the reasons for applying for sequestration and or liquidation, which is then set out in a court application. Once we obtain the court order, a trustee or liquidator is then appointed and they deal with meeting with the insolvent or directors of a company, determining reasons for insolvency, holding enquiries if need be, liaising with creditors and making payment to creditors.