Administration Applications

Administration Applications in Pretoria

If you have a total debt less than R50,000 that you are unable to pay to your creditors, one of the popular possible options you have is placing your yourself under administration.

Section 74 of the Magistrate’s Court Act (44 of 1932) provides relief to people with debt of less than R50,000. 

Such people may apply to the Magistrate’s Court in the area where they reside or work for an order placing their estates under administration and the court will place your estate under administration and appoint an administrator to attend to the administration thereof.

The two criteria is to clearly demonstrate that you are unable to afford the installments payable in respect of these debts and do not have movable assets that can be sold to settle such debts.  

There are obviously pros and cons to everything but the main benefits of placing yourself under administration are the following:

You are legally protected against creditors obtaining garnishee orders against your salary or having the sheriff attach and sell your movable assets.
You repay your creditors at an installment affordable to you and determined and fixed by an order of court.
Get in touch with us now