(representatives) legal persona may be liquidated because :- 1. An application to liquidate a CC may be made to either the High or Magistrates Court. It's representatives are squabbling and as a result, it cannot function. The liquidation of the persona could result in their sequestration. I'm making a loss every month and can't afford to go on like this. An application to liquidate a CC may be made to either the High or Magistrates Court.The creditor who has a claim of at least R200,00 which is due and payable may apply to the Court in the same manner as for the liquidation of a company.In addition to tangible property, you may be able to sell intangible property that your business owns, such as: As you liquidate these assets, you'll want to record on this list how you tried to sell each piece of property (save copies of ads or Web listings), who ended up buying it, and the amount you received.Keeping good records of your property and what happens to it will protect you in case a creditor later questions your liquidation of assets or in case you have to file for bankruptcy.
This in turn places additional strain on the director/shareholder or member.
f the representatives have personal assets of some worth and they have incurred personal liability, the threat of liquidation can be very effective means of debt collection.
Currently I can't pay my expenses, creditors, employees, overdraft, etc. Once a liquidation order has been made by the court, a liquidator is appointed by the Master of the High Court. The liquidation of Close Corporations is governed by Sections 66 to 81 of Act 69 of 1984.
Make a list of the physical property your business owns, as well as any money owed to the business in the form of rent, security deposits, and unpaid bills (accounts receivable) you still expect to collect.
Your list should include: For property, write down a description of each item or category of property, the condition of the property, and who technically owns it—that is, what money was used to purchase the property—your personal funds, a partner's personal funds, or business funds.