WHAT IS REHABILITATION AND WHEN CAN I APPLY FOR REHABILITATION?<\/p>\n\n\n\n
When you are sequestrated from the day after of the court order you start your estate from new.
\nAny debts prior to sequestration is then written off and you start a new page in your life
\nThe issues are that you can\u2019t have a cheque account\/credit card\/home loan\/motor finance or cannot be a director of a company or be a trustee in a trust
\nTo enable you to have a normal financial estate you need to rehabilitate
\n.<\/p>\n\n\n\n
There are certain time lines in the rehabilitation process and as follows:<\/p>\n\n\n\n
In terms of Section 124(3) of the Insolvency Act \u2013<\/p>\n\n\n\n
\u2022 You have been sequestrated for the first time
\n\u2022 The first meeting of creditors has been convened by the Master of the High Court
\n\u2022 No claims have been proven against your estate
\n\u2022 You have not been convicted of any offence<\/p>\n\n\n\n
In terms of Section 124(2)(a) of the Insolvency Act \u2013<\/p>\n\n\n\n
\u2022 You have been sequestrated for the first time
\n\u2022 Claims have been proven in your estate
\n\u2022 12 months have lapsed from date of confirmation of the trustee\u2019s first liquidation and distribution account
\n\u2022 You have not been convicted of any offence
\n\u2022 Four years have expired from date of sequestration, except upon recommendation of the Master<\/p>\n\n\n\n
In terms of Section 124(2)(b) of the Insolvency Act \u2013<\/p>\n\n\n\n
\u2022 You have been sequestrated previously
\n\u2022 Three years have lapsed from date of confirmation of the trustee\u2019s first liquidation and distribution account
\n\u2022 You have not been convicted of any offence
\n\u2022 Four years have expired from date of sequestration, except upon recommendation of the Master<\/p>\n\n\n\n
In terms of Section 124(2)(c) of the Insolvency Act \u2013 <\/p>\n\n\n\n
\u2022 You have been convicted of any offence
\n\u2022 Such an applicant may only apply for rehabilitation after five years have elapsed from date of conviction<\/p>\n\n\n\n
In terms of Section 127A(1) of the Insolvency Act \u2013<\/p>\n\n\n\n
\u2022 You are deemed to be rehabilitated and no court application is necessary<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
WHAT IS REHABILITATION AND WHEN CAN I APPLY FOR REHABILITATION? When you are sequestrated from the day after of the court order you start your estate from new. Any debts prior to sequestration is then written off and you start a new page…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-12","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/fintime.co.za\/index.php\/wp-json\/wp\/v2\/pages\/12","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fintime.co.za\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/fintime.co.za\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/fintime.co.za\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fintime.co.za\/index.php\/wp-json\/wp\/v2\/comments?post=12"}],"version-history":[{"count":2,"href":"https:\/\/fintime.co.za\/index.php\/wp-json\/wp\/v2\/pages\/12\/revisions"}],"predecessor-version":[{"id":52,"href":"https:\/\/fintime.co.za\/index.php\/wp-json\/wp\/v2\/pages\/12\/revisions\/52"}],"wp:attachment":[{"href":"https:\/\/fintime.co.za\/index.php\/wp-json\/wp\/v2\/media?parent=12"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}